10th anniversary of SRK-IH since Starting Its Operation

On September 10, I participated in the celebration of the 10th anniversary of SumiRiko Imperial Hydraulics India Pvt. Ltd.'s (SRK-IH/India) since Starting Its Operation.
SRK-IH is responsible for the production and sales of industrial hoses in India. On July 23, SRK-IH changed its name from “Tokai Imperial Hydraulics India Private Limited” to the new company name.
The ceremony was heartwarming and impressive, prepared primarily by the employees.
The speech by CEO Tarun Lamba of joint venture partner Imperial Auto Industries Limited (“IAI”) was particularly moving.

“In the past, IAI faced a financial crisis due to the collapse of Lehman Brothers, and we approached Sumitomo Riko about purchasing IAI's shares. However, the management of Sumitomo Riko at that time replied, 'Even if you do not sell your shares, we will support IAI in some other ways.
Since that time, we have continued to nurture our partnership, which is the foundation of the trust we have placed in Sumitomo Riko.”
This was an unexpected and pleasant surprise.

I don't think I was the only one who listened with respect and humility to this anecdote revealed over time.
The CEO Tarun Lamba sang a traditional Indian folk song and called out to the audience, and SRK-IH employees joined in and sang along with the CEO.　 Seeing this, I could feel his desire to “further grow this company that we have started together.
India is already said to have the world's largest population* and is expected to continue to grow in the future, so the market is expected to expand.
I have made a renewed commitment to work together with our local joint venture partner to achieve significant growth for SRK-IH.
As stated in the 2025 Mid-Term Management Plan (2025P), the entire group will aim to further improve profitability and strengthen the management foundation for sustainable growth.

*Based on estimates by the United Nations Department of Economic and Social Affairs