US based auto interior supplier Inteva Products has set up a new manufacturing facility at Chakan, near Pune which will produce non-plastic parts like door latches, window regulators and motors.
The company has invested over Rs 55 crore in this plant. It has tripled the size of its manufacturing capacity in Pune to produce these products for regional and global automotive customers.
Approximately 270 engineers, technicians and other skilled trades work at the new Pune Operations. The company has a plan to invest over Rs 400 crore in the next five years for the expansion.
Commenting on this, Lon Offenbacher, President and CEO, Inteva Products said, " The Indian market is of significant importance to our global growth strategy. The new facility enables us to offer the excellent customer service, innovative products, new technology and efficient processes customers expect right here in India."
He added, " We are not worried about the current economic slowdown conditions. We have long-term plans for India. The Indian automotive market holds a significant place in our global growth plans. We have tremendous opportunities on the horizon to grow our business in India. As business will grow, we will further increase our investments up to Rs 400 crore. Also, we will add few more products for manufacturing which are not being produced currently." In addition to Pune operations, Inteva has a technical centre in Bangalore employing over 150 engineers. The plant has a annual capacity of producing 7.8 million units and currently it will manufacture 5-million units. Also, it will export half of its production from this plant to Europe and USA.