Date:20/06/2007 URL: http://www.thehindu.com/2007/06/20/stories/2007062050571800.htm

Business

Rane Group unveils modern employee development institute

Special Correspondent

CHENNAI: Notwithstanding the demand softening in the first quarter, the Rane Group has struck to the 15 per cent growth projection this financial year. Addressing a press conference here on Tuesday to announce the launch of a new state-of-the-art facility to house Rane Institute for Employee Development (RIED), L. Ganesh, Chairman of the Group, said, “We have not scaled down our growth projection for the year.”

The Rane Group reported a turnover of Rs. 1,365 crore for the year ended March 2007. Mr. Ganesh said there were signs of softening in demand, especially in the two-wheeler and commercial vehicles segments, in the wake of rising interest rates.

To a question, he said, “we do not see a recession, but we do see a slow down.” Asserting that it was too early to hazard a guess on the shape of things to come in the coming months, Mr. Ganesh said the Rane Group would have to wait till the first half to gauge the growth prospects and take an appropriate call.

Exports formed roughly 12 per cent of the company’s total sales in 2006-07, he said.The new RIED facility, he said, had been constructed on a one-acre plot in the city. It involved an investment of Rs. 4.6 crore.

Housed in a green building, the new RIED centre will have a Wi-Fi enabled environment, a library, seminar hall, two training halls, a self-learning centre and a cafeteria.

“It will have an ambience conducive to learning and self-development,” Mr. Ganesh said.