Monday, November 22, 2010

Rahimafrooz Globatt enters China


http://www.thedailystar.net/newDesign/news-details.php?nid=162487

Rahimafrooz Globatt enters China

Source: http://www.globatt-battery.com/

Sayeda Akter

Rahimafrooz Globatt Ltd will export a $15 million consignment of maintenance-free batteries to China in three years. The company sent two consignments on Wednesday, the first export of such an item to China by any local company.

“We will export at least half a million units of maintenance-free automotive, tractor, and inverter batteries to Dynavolt, China, within the next three years,” said Munawar Misbah Moin, managing director of Rahimafrooz Globatt.

“We hope to earn revenues worth $15 million a year from this deal,” he said. “This is the country’s first ever export of engineered goods to China.”

“We are producing batteries designed specially for the markets of developed nations, including the US, Europe, Korea and Australia,” said Moin.

The company exported 1.75 lakh pieces of car batteries worth $5.5 million in October-June last fiscal year.

Globatt is a flagship project under Rahimafrooz’s global expansion plans that were put in place in August 2009. Its exports started in October of the same year.

The batteries, which will be free of maintenance costs, were exported to 12 countries, including all Saarc nations, except Pakistan, and Singapore, Kuwait, Qatar, United Arab Emirates, Tanzania, Angola and Namibia.

In addition, Rahimafrooz plans to export a million battery units to Australia and Europe by the end of this fiscal year.

The company’s projected revenue was around $28 million in 2009-10, which would grow to $70 million this year. It started to export to 18 countries in the South Asian and Asean regions, Middle East and Africa, and exported over 250,000 units so far, said Moin.

Earlier, Rahimafrooz doubled its annual automotive battery production capacity to 25 lakh units, Moin said, adding that the establishment of a world class manufacturing plant is a part of global strategic plans.

The Tk 110 crore project situated in Ishwardi EPZ is using the latest in technology, including business software solution applications and services. It went into production in May 2009.

The project received the country’s first-ever equity investment from Frontier Fund, a local partner of Brummer and Partners, Sweden’s largest hedge fund manager, in January 2009.

Founded in 1954, Rahimafrooz is the pioneer in producing industrial batteries, solar power and IPS (instant power system) in the country. The company also spearheaded the export of batteries to more than 40 countries.

Currently, the group has seven operating companies, three other business ventures and a non-profit social enterprise.

sayeda@thedailystar.net

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