New Delhi — The Chinese manufacturer of Bole-brand injection molding machines has opened a manufacturing plant in Ahmedabad, India.
Zhejiang, China-based Ningbo Shuangma Machinery Industry Co. Ltd. opened a leased factory in June under a new independent subsidiary, Shuangma Machinery India Pvt. Ltd.
"We have already commenced production of injection molding presses ranging from 70 to 900 tons at the Gujarat plant," said Ken Cheng, general manager of the subsidiary, in an interview at the Plastasia 2017 trade show in New Delhi.
Bole plans to build its own factory in Gujarat in the next couple of years.
"Initially, our target is to manufacture 20 presses each month," Cheng said. Bole has ambitious plans to invest $100 million in the India venture over the next four years.
"This is considered as one of the first big-ticket foreign direct investments in the plastic processing industry from China, and our target is to take production to up to 1,000 presses annually," said Devang Mehta, deputy general manager.
Bole's Ningbo plant produces 3,000 injection molding presses yearly. It also has a subsidiary in Malaysia that makes about 50 presses per month. Bole serves the United States and Canada through Scottsdale, Ariz.-based Calypso Machinery LLC.
The company makes presses with clamping forces ranging from 70 to 4,000 tons.
India's growing plastics processing sector is a significant importer of injection presses, but Chinese-made hydraulic machines are subject to a hefty anti-dumping duty. That has prompted Chinese suppliers to set up manufacturing ventures in India.
"India is a huge market with a big population and a lot of foreign investment is coming almost in all sectors, making it a favored business destination in this part of the world," Cheng said.
Bole will manufacture hydraulic presses in India.
Mehta said the company evaluated investing in India for seven years before taking the plunge.
"When the Indian government eased foreign direct investment norms, we decided to give a go-ahead to India plans," Mehta said. The move is in line with the Indian federal government's ongoing "Make in India" drive.
Bole presses made in India will have nearly 80 percent locally made content, he said.
Bole also recently appointed Noida, India-based Advance Plastic Machinery as its sales agent in northern India.