Mar., 13 /Widia (India) Ltd, a key player in machine and cutting tools in the country, recently taken over by the US-based Kennametal following global acquisition Widia, hopes to become a strategic potential manufacturing source for the US company.

Speaking to journalists here, Widia India managing director Kumar Kanetkar said the US company is making a roadmap in this regard which may result in significant investments besides making India a manufacturing hub for Kennametal business in other countries in the Asia. However, he said it was too early to take a call on the likely areas or the quantum of investments.

Mr Kanetkar said validation tests have already begun for some Kennametal range of cutting tools to be launched in India by the end of this month. The products will be marketed under the Kennametal-Widia brand name. The machine and cutting tool industry is spurred mainly by the revival of auto sector and construction sector in the country. The company was likely to have turnover of Rs 225 crore on a 12-month sale ending June 2003. He said the company is shifting to June to June financial year to be on par with Kennametal and on account of that this year it would have an extended 18 months financial year.

It has made restructuring in its balance sheet involving cash and non-cash components to the tune of Rs 70 crore.