Thursday, January 5 2006 14:53 Hrs (IST) - World Time -

Bangalore: The International Finance Corporation (IFC), the private sector arm of the World Bank, has made a Rs 2.7 crore equity investment in Bangalore-based TurboTech Precision Engineering.

The investment will enhance the production and services capabilities of TurboTech, which designs and manufactures micro-turbines, employing aerospace design techniques, its Managing Director Krishna Kumar told reporters here today (Jan 5,2006).

IFC officials said TurboTech has developed a new technology that addresses the currently underserved market for small-scale cogeneration applications.

Industrial Development of Bank of India holds 23 per cent stake and Turbocam India Private Limited, a subsidiary of the privately-held US engineering company Turbocam, 10 per cent in TurboTech, while Kumar's family members own 58 per cent.

Kumar said the company's Energy Conservation Turbine (ECT) and low cost gas turbine (LCGT) are targetted at small and medium scale businesses.

Besides catering to the domestic demand, the company has also exported ECTs to Sri Lanka and is actively looking at shipping them to Malaysia, Indonesia and the Gulf, he said.

The company has bagged orders from Taiwan and the US for its LCGTs, according to him.

For 2004-05, the company clocked a turnover of Rs eight crore and is looking to increase it to Rs ten crore this year,and to Rs 25 crore in three years, Kumar said.

He said the company also has plans to tap the capital market with its initial public offering to fund its expansion plans in the next two-three years.