RENK GROUP AG Augsburg, April 29, 2024 - RENK Group AG, a globally leading manufacturer of mission-critical drive solutions in military and civil end markets, is expanding its presence in India. By 2025, a new ~7000 square metre production site for military and civil applications will be built in the Defense Industrial Corridor of Tamilnadu State. RENK will realize this project together with renowned developer Horizon Industrial Parks (Horizon) which is owned and managed by Blackstone Real Estate Funds.
The official start of construction was announced by Andre Neumann, CEO of the RENK Group's Marine and Industrial segment, Praveen Mohan, Managing Director of the Indian subsidiary RENK Gears Pvt Ltd, and Urvish Rambhia, Principal at Blackstone, at a groundbreaking ceremony.
The new plant will be located at Shoolagiri Park, a large industrial estate owned and managed by Horizon. On behalf of RENK, Horizon will build an office complex, production halls and a warehouse. After the planned opening in the first quarter of 2025, gearboxes, transmissions and couplings for military and civil applications will be manufactured at this site.
The groundbreaking ceremony marks a significant milestone in the RENK Group's global expansion strategy, bringing the company even closer to the Indo-Pacific, a region that is very important politically and economically. The new production facility will enable RENK to strengthen its presence in the Indian market while optimizing its global supply chains.
"I am very pleased to accompany this important moment in RENK's history here in India," said Andre Neumann, CEO of the Marine and Industrial segment of RENK Group AG. "RENK and India have enjoyed a trusting relationship for decades. For this reason, it was a logical step to expand our production capacities in one of the most dynamic countries in the world. We are proud and grateful to continue driving the growth of the RENK Group together with our great local partners in India."
Praveen Mohan, Managing Director, RENK Gears Pvt Ltd said, "This is a milestone event for RENK in India. Investments for the state-of-the-art manufacturing facility for RENK products in defense an industrial applications shows the high commitment of RENK Group for 'Make In India' and to our customers and partners in India. Once completed, this facility significantly increases the production capacity and opens up opportunities for localizing well-known RENK products in India for India and neighboring countries."
"Horizon Industrial Parks has carved a niche in the industrial and logistics real estate sector, by offering plug and play solutions to manufacturing companies looking to expand in India. In the past year, we have collaborated with multiple customers to develop bespoke factory facilities for complex process industries including auto components, specialty chemicals, cold chain and packaging. We are excited to welcome RENK Gears Pvt Ltd to the Horizon family and are committed to delivering a best-in-class facility for them, while they focus on growing their business", said Urvish Rambhia, Principal at Blackstone.
About the RENK Group AG
Headquartered in Augsburg, Germany, RENK Group AG is a globally leading manufacturer of mission-critical drive solutions across diverse military and civil end markets. Our product portfolio includes gear units, transmissions, power-packs, hybrid propulsion systems, suspension systems, slide bearings, couplings & clutches and test systems. With this broad product portfolio RENK Group AG serves in particular customers in industries for military vehicles, naval, civil marine, and industrial applications focused on energy. In the fiscal year 2023, RENK Group AG generated revenue of EUR 926 million.
About Horizon Industrial Parks
Horizon Industrial Parks is a logistics platform in India, owned and managed by Blackstone Real Estate funds. Horizon (including its affiliates) manage 24 industrial and logistics parks spread across more than 1,700 acres and with a development potential of 42 million square feet, which are in 10 key markets in India.
Disclaimer
This Press Release contains forward-looking statements that are based on plans, expectations, estimates and projections of the management of RENK Group as at the date of this Press Release. These plans, expectations, estimates and projections depend on a variety of assumptions and are subject to unforeseeable events, uncertainties, known and unknown risks as well as other factors that may cause actual results or the actual financial situation, development or performance to differ from those expressed or implied in the forward-looking statements. RENK Group does not assume any obligation to update the forward-looking statements or make adjustments to them to reflect events or developments occurring after the date of this Press Release unless obliged by statutory law.
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Renk Group AG published this content on 29 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2024 14:41:32 UTC.
