Diversified engineering company, Craftsman Automation has revised its FY24 capex upwards to Rs 470-480 crore. 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 financial year, to set up a new manufacturing complex.

The company plans to put up a new greenfield unit in Coimbatore to take advantage of the emerging opportunities that arise from China-plus-one and 'Make in India' programmes. The proposed factory will be set up on the company’s 48-acre site at Kothavadi near Coimbatore. Also, the existing and the new plant are within 45 km reach and would create better synergy of operations.

This is intended to set off future expansions of all its three businesses, including automotive powertrains, aluminium products and industrial and engineering.

The company is working with a large customer for an export order, which is expected to start in FY26. Further, it is revamping its capacities to cater to demand for the off-highway segment. In the aluminium die-casting business, the company is in the ramp-up phase, and also plans to utilise opportunities for the powertrain as well as the aluminium business going forward.