Some high-profile global auto components dealers have set their sights on India.The US-based Textron Fastening systems is one of the market leaders in Fastening Systems is one of the market leaders in fastening and assembly products, while Precision Castparts is a diversified manufacturer of complex metal components and products for the aerospace,power generation,automotive,general industrial and other markets
The Canada-based Magna International is a supplier of technologically -advanced automotive systems , components and complete modules.It is a big supplier of automotive systems and components for Original Equipment Manufacturers(OEMs). With 60,000 employees working at 160 sites in 28 countries and annual sales of E10.7bn,France-based Faurecia is a big name in the automotive industry.According to a leading Delhi-based components maker, "Since Tier 1 suppliers control the global components industry the cost advantage should be leveraged into attracting these global players to set up manufacturing bases in India.However, low-cost labour is not a factor for long-term competitiveness as improvement in scale , quality and technology in critical processes are necessary to sustain cost competitiveness."The prospect of exports from India is also a major attraction.The global majors are interested in exporting back low-cost good quality products to their global factories and other markets to reduce overall costs, said industry sources.Exports of autocomponents form India have grown at a compounded growth rate of 19% over the past six years. During fiscal 04,the industry achieved a milestone of $1bn worth of exports.
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| Posted : 12/15/2005 |
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