Ashok Minda Group to invest Rs 900 cr by 2011 for expansion

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New Delhi, Sep 2 (UNI) Country's leading auto component maker Ashok Minda Group today said it plans to invest about Rs 900 crore over the next two-three years for expansion of business.

''We will be investing about Rs 800-900 crore in the next 2-3 years on expanding our current capacities by setting up greenfield units, acquisitions and joint ventures across the world,'' Ashok Minda Group Chairman Ashok Minda told reporters here.

The Noida-based firm will focus on enhancing its position in four components--security systems, driver information, die casting and interior products.

The company aims to become a global player in the auto component business and is looking to grow both organic and inorganic way.

Mr Minda also announced the completion of acquisition of German-based automobile interior plastic maker Schenk Plastic Solutions.

The company also plans to set up a manufacturing facility in Uzbekistan or Russia.

''We are currently carrying out a feasibility study to decide the location,'' Mr Minda said.

The group is also studying the Brazilian market to set up an unit there, he added.

The firm targets a four-fold increase in its revenue to Rs 4,000 crore by 2011-12.

''We aim to increase our revenue to Rs 1,600 crore in the current fiscal from Rs 1,000 crore in previous financial year and further increase it to Rs 4,000 crore by 2011-12,'' Mr Minda said.

The company also plans to list one of its holding company in the stock exchange in the next fiscal.

The Minda Group, which supplies security systems, driver information systems and plastic injection moulded interiors to many domestic as well as global OEMs, currently has 21 plants in India and overseas countries like Germany, Indonesia and Vietnam.

UNI MP SR HS2125

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