Minda ties up with European firm for Rs 40 cr battery plant

New Delhi, July 24 (UNI) Minda Industries today said it has tied-up with Europe's leading automotive supplier FIAMM to set up a battery plant in Uttaranchal with an investment of Rs 40 crore.

The total capacity of the new plant at Pantnagar, which targets automotive batteries for two, three and four wheelers, is estimated at four million batteries per annum.

The plant is likely to start by December this year and would commence production in the last quarter of the financial year 2006-07.

''We are looking at cornering a substantial part of the batteries market in India and hope that like all other products of our portfolio, our batteries will also be well received by the OEMs,'' Minda Industries MD Nirmal K Minda said here.

The company expects to clock revenues of Rs 50 crore in the first year of operation and Rs 125 crore by its third year.

Minda industries Ltd is the flagship company of the Rs 515 crore NK Minda group.

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