Lucas TVS to pump Rs 400 cr on R&D in 2-3 yrs

New Delhi, Sept 6 (UNI) Auto electricals major Lucas TVS today said it will invest Rs 400 crore over the next two to three years on research and development (R&D) and capacity addition.

''We will inject a sum of Rs 400 crore in 2-3 years on R&D and capacity building measures,'' company's Vice President (Business Planning) Arvind Balaji told reporters here.

Lucas TVS, a part of the Chennai-based TVS group, has set a target of doubling its revenue to over Rs 2,000 crore (about 500 million dollars) in the next five years. Last year, its turnover was Rs 906 crore.

It has six operational plants in the country including Rewari in Haryana, Rudrapur in Uttarakhand, Chakan in Pune, Padi and Puducherry in Tamil Nadu plants.

The company recently commissioned its plant in Iran with an investment of Rs 16 crore which will cater to the domestic market.

The company will have its eighth manufacturing unit at Singur in West Bengal, said company Chief Executive and Managing Director T K Balaji adding that it plans to set up plants, one each in Indonesia and Thailand and is currently analysing the market.

''The company has received order worth 3,00,000 units of starters and alternators from Tata for the first year for its proposed Rs one lakh car,'' the MD said adding that nearly 60 per cent of the order for the car is with the company.

Last month, the company had bought the auto component facility of Sical Logistics Ltd near Chennai for Rs 14.69 crore for its growth plans.

Formerly known as Indrad Auto, Sical Logistics' auto component division at Maraimalai Nagar makes auto electricals.

Sical Logistics continues to retain the high wattage engine cooling modules and motor wiper business of Indrad Auto, as it is part of a technology transfer agreement with Italian company GATE SRL.

UNI