Lucas TVS's Iran facility to go on-stream in couple of months
Chennai, Mar 17(UNI) Auto components major Lucas TVS Limited is exporting one lakh starter motors to Iran, where the commercial production of its assembly operations is expected to commence in a couple of months.
Announcing this to the media here today, company Chief Executive and Managing Director T K Balaji said the local partner had been finalised for starting the assembly activity, which would begin next month or so.
Already the equipment had reached and once the local partner got the approvals, the local assembly and testing process would take-off. Initially, Lucas TVS would invest a sum of one million USD and in the full year of operation it was expecting a revenue of two million USD, which would go up to around 15 million USD in a couple of years.
On the Himachal Pradesh assembly unit project, he said an initial investment of Rs ten crore or so would be made and the unit would cater to Tata Motors which was to set up a facility there, besides Mahindra and TVS Motors.
Mr Balaji said the venture with Delphi was also ђgoing on well.Ғ Lucas TVS expected to close this year with a turnover of Rs 725 crore. In the coming year, the turnover would be between Rs 850 and Rs 860 crore.
On the overseas markets the company was primarily considering Middle East. Far East and South Africa would also figure in its expansion plans.
Earlier, speaking after receiving a team of 25 top management professionals mainly from Toyota Group and its suppliers in Central Japan area led by top quality expert Tadashi Onishi, he said the company had to learn faster and quicker to progress rapidly on the quality front.
ђThis kind of visit instills confidence that we are in the right directionҒ, he said.
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