From rxpgnews.com
Watchmaker Kamla Dials acquires Swiss company
By IANS,
May 13, 2007 - 4:57:03 PM
Mumbai, May 13 - India's leading manufacturer of watch dials Kamla Dials and Devices Ltd - has announced the acquisition of a manufacturing unit in Switzerland to cater to the high-end requirement of watch dials of well known Swiss watch brands.
The Bombay Stock Exchange-listed KDDL becomes the first Indian company in the watch business to set up a manufacturing base in Switzerland, the heart of luxury watch manufacturers.
The company has announced takeover of an existing small unit that will be upgraded in two phases, through a special purpose vehicle Pylania SA, a subsidiary company incorporated in Switzerland for this purpose.
Sharing details of the acquisition here Saturday, Yashovardhan Saboo, MD, Kamla Dials and President, Pylania SA, said: 'We propose to revive the factory in two phases. The first phase, including the acquisition of assets and revival costs, is expected to involve an investment of approximately $1.2 million. In this phase we will establish the basic processes for dial production, especially the delicate and high value finishing steps.'
'The second phase will involve an outlay of another $1.5 million approximately. In this phase we will establish the manufacture of complex dials and artisanal products,' he added.
Talking about his plans in the second phase, Saboo also said: 'We want to make Pylania a centre for creating new watch decorating possibilities, fusing the artistic traditions of India and Europe'.
'With this acquisition, Kamla Dials hopes to break into the higher value segment of Swiss watch brands by targeting leading Swiss brands to source watch dials produced in this factory, said Saboo.
'This is Kamla Dials' first step towards globalising its operation and taking a share of the prestigious and very demanding to the premium and luxury watch segment in Europe,' he added.
The company's watch components division has already been working as a preferred sourcing partner for components for some of the best-known global watch brands, deriving as much as 45 percent of their turnover from the exports alone.
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