Craftsman Automation Ltd. has revised its FY24 capex by an additional Rs 150-160 crore to Rs 470-480 crore.

The company intends to establish a new greenfield unit in Coimbatore in order to capitalise on the opportunities presented by the Make in India and China +1 programmes.

“We had guided for about Rs 320 crore capex for this fiscal. But now we see huge opportunities for the powertrain as well as the aluminium business going forward because of the geopolitical situation and make-in-India policy. There are various policies the government is bringing up to reduce the quantum of imports. So, there will be no dumping from other countries. So, we started to prepare for that scenario,” Srinivasan Ravi, Managing Director of the company said during the company’s Q2FY24 earnings call.

The Coimbatore-headquartered company has chalked out a new investment of about Rs 209 crore, of which Rs 150-160 crore will be spent in this fiscal, to set up a new manufacturing complex. The proposed factory will be set up on the company’s 48-acre site at Kothavadi near Coimbatore.