Premium Energy Transmission (Premium) on Wednesday opened its new technology centre with an investment of Rs 10 crore to meet growing industry demands, officials said.

“The new technology centre with an investment of Rs 10 crore will focus on designing new generation gear boxes and fluid couplings that will meet the futuristic performance needs of the global industry,” Praveen Sachdev, chairman, Premium, said. The company is betting on double digit growth this year.

The Pune-based diversified and privately held company manufactures a range of worm gears, helical gears, bevel helical combinations, planetary gears, geared motors and fluid couplings. It has four manufacturing plants in Pune, Aurangabad and Kolkata, employing 1,000 staff which would be increased by 15-20 per cent in two years.

S Nagaraju, executive director and CEO, Premium, said gears were a core component in the manufacturing industry. “The new technology centre will focus on designing and developing new products for both domestic and overseas markets and increase the portfolio range by 20 per cent,” he added.