Printer manufacturer TVS Electronics [Get Quote] has sold off its contract manufacturing services business at Tumkur for Rs 41.12 crore (Rs 411.02 million) to Incap Contract Manufacturing Services, a 100 per cent subsidiary of Finland based Incap Corporation.TVS Electronics, one of country's leading contract manufacturing service providers, through its CMS business, served global original equipment manufacturers by making box assemblies as well as PCB assemblies in its QS 9000-certified facility at Tumkur (near Bangalore).
According to the agreement, TVS Electronics' contract manufacturing unit in Tumkur and a related design services in Bangalore will be transferred to Incap's subsidiary Incap Contract Manufacturing Services on June 1.
"The business operations acquired by Incap include the manufacturing services business as well as the property and the factory building with its equipment in Tumkur," Incap Corporation said in a statement released to the Helsinki Stock Exchange.
The Tumkur plant, is spread over a floor space 6,000 square feet and operates with the help of 230 personnel, making box assemblies like UPS, inverters, rectifiers, pay phones, keyboards, hand-helds etc.
Incap forecasts that its Indian operations will generate about Euro 8-10 million (over Rs 45-55 crore) in revenue during June-December 2007.
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