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Auto component companies to invest $1 billion
 
Auto component companies to invest $1 billion
Revved up by growing overseas and domestic demand, auto components manufacturers are planning to invest about $1 billion (Rs 4,355 crore) on capacity expansion in the current year. Deep Kapuria, president, Automotive Component Manufacturers Association said that the investment was mainly due to a 30 per cent turnover growth, over the last few years. Foreign auto component majors like Mico have announced nians for a Rs 1000 crore investment in the country, with domestic majors like Bharat Forge, Amtek Auto, Sona Koyo, Rico Auto, Goetze and Omax Autos also charting extensive expansion plans. India is close to being in the top ten automobile producing countries, and global players who have production facilities in India will drive the growth in auto components exports. For instance. General Motors intends to source components worth $1 billion in the next 3-4 years, up from the current S120 million (Rs 523 crore). Auto component exports are expected to be around $2.5 billion, and despite a slow down in the global economy, long-term growth is expected to continue.
Posted On : 9/1/2005 4:29:03 PM

 
 
 
Auto component companies to invest $1 billion