Briefing reporters, Vice Chairman Anil Gupta said the plant, with installed capacity to manufacture 500,000 sq mts of double side and multi-layer PCBs per annum, has seen combined investment of $20 million (Rs 85 crore).

The plant, built on a 12-acre land, has an additional 350,000 sq mts per annum capacity for manufacture of single side PCBs. The company, which has an existing facility at Doddaballapur, with installed capacity of 7,000 sq mts per annum, has gone for expansion to compete with China on a global scale, he added. Currently the company is exporting 65 per cent of its production and envisages exports to touch $50 million by 2010.  Managing Director Alok Garg said Tecnomec Srl, a leading Italian PCB manufacturer, has picked up 10 per cent stake in the CIPSA-India joint venture.

With this, both CIPSA and RIC India stake has been diluted by five per cent each to 45 per cent, he added. 

CIPSA-RIC has been in business since 2006. Its authorised capital has doubled to Rs 20 crore. The company which has clocked 23 per cent year-on-year growth reported turnover of Rs 53 crore ($13.5 million) for fiscal year ended March 31, 2008.

The company, Mr Garg said, hopes to clock a turnover of Rs 80 crore ($18 million) in the current fiscal 2008-2009 and touch revenues of Rs 150 crore by fiscal year 2009-2010.