Spurred by the "good business" that his Bhosari plant has generated even during the current recessionary atmosphere, Varghese has invested Rs 15 crore in setting up the manufacturing plant at Chakan. Machineries have been imported from the US. The minimum salary a worker will get at Chakan plant is Rs 4000 and the maximum is Rs 12-14000. The chief executive officer and two others senior officers will draw a monthly salary of over Rs one lakh.

"Most of the workers will be from Chakan and Pimpri-Chinchwad area. Local youths will be given preference," said Varghese, who is a recepient of three national awards for being the outstanding small scale industrialist. After tsunami wrecked havoc in South, Varghese had donated two fibre houses that floated on water.

The Chakan plant is the second one set up by Varghese in less than a year. In March last year, he had set up a plant at Vellore in Tamil Nadu. "The first plant at Bhosari (1985) was inaugurated on my daughter's birthday, the second on my son's birthday and now the third on my wife's birthday, " said Varghese while predicting that the turnover from the two plants, Bhosari and Vellore, this year will be around Rs 45 crore. "But in the next fiscal we are expecting a turnover of Rs 100 crore from all the three plants," said Varghese who is assisted in his venture by son Nelvin and son-in-law Johnson who are directors, commercial and materials, respectively. Amit Palwe has been recently appointed as the new director of the company. Varghese said his confidence is based on the amount of business he is getting and promised by big industries and even by the railways. "We are not affected one bit by recession. We are getting good orders from Tata Motors, Pimpri and Jameshadpur and also from the Central Railways, besides a clutch of other companies," says Varghese. The Chakan plant will manufacture spare parts and even orginals parts of automobiles, electrical and electronic items. All of them will be fibre products like dashboards, rear bumbers, drainager chambers, toiler doors for the railways, manhole chambers. He said he moved to Chakan because there is no octori and its proximity to the upcoming airport. The Bhosari plant manufacture over 200 different types of fibre products.

Meanwhile, inaugurating the Chakan plant, U K Mishra, VP, Tata Motors, praised the "integration" of various processes at the Suvarna Fibrotech.