The company, despite an industry downturn, has projected a marginal growth in the current financial year, which will be propelled by exports.

Speaking at the company's annual general meeting (AGM) in Mumbai, chairman DR sagar said: "We would like to be pre-eminent not only in India but also strive for world standards."

Fag Precision has recorded a 2.35 per cent increase in turnover in the first five months and anticipates an export turnover of Rs 45 crore, against Rs 12 crore in the previous fiscal.

To meet its export requirements, the company expects to double production capacity and has invested Rs 15 crore for the same. The unit will be running at full capacity within four weeks of commissioning and generate an additional sale of Rs 22 crore.

The company also plans to manufacture the latest generation automotive bearing, double row angularcontact ball bearing (DRACBB) used in the front wheel of cars at an investment of Rs 10.5 crore. With Maruti Udyog Ltd issuing a commitment to Fag as its sole supplier, the company expects to generate Rs 15 crore from this project.

Maruti recently decided to switch over to DRACBBB for the front wheel of the 800cc model, while the Esteem and Zen models of Maruti, Ford, Daewoo and General Motors were using these premier bearings, vice-chairman JR Patel said. The need of the hour was for a domestic manufacturer to meet these international standards, he added.

Fag Precision with its diversified range of bearings has been insulated to some extent by the recession in the bearing industry. The worst hit has been the taper roller bearing segment which largely depends on the commercial vehicle and automobile industry.

Moreover, the industry is faced with excess supply mostly on account of dumping, smuggling and spurious bearings. These bearings, mostly of smaller sizes, are smuggled from low cost productioncentres like China, Taiwan and Japan through Nepal. Added to this, used bearings are reconditioned and pumped into the market at low cost.