Tanaka Kikinzoku enters India to meet industrial metal needs
NEW DELHI, NNA - Major Japanese industrial metal maker Tanaka Kikinzoku Kogyo K.K. will establish a subsidiary in Mumbai next Monday to handle growing demand for industrial precious metals in India, the Middle East and Africa.
The company said in a statement on Monday that Tanaka Kikinzoku (India) Pvt. Ltd. will sell imported products from Japan mainly in the automotive, semiconductor and electronics sectors.
Tanaka Kikinzoku said the Indian subsidiary aims to achieve 3 billion yen ($27 million) in annual sales in 2024.
The Tokyo-based firm sent officials from its sales arm in Singapore to India to handle inquiries from local clients but there has been too much work for the visiting staff, its spokeswoman told NNA on Monday.
She also said the company hopes the new unit will generate 50 percent of total revenue in India, 30 percent in the Middle East and the remaining 20 percent in Africa in the long run.
Tanaka Kikinzoku's foray into India comes against the backdrop of its introduction of stricter auto gas emission standards, which are expected to boost demand for precious metal compounds that can make exhaust less hazardous, as well as India's recent corporate tax reduction. (NNA/Kyodo)