Anand Automotive to invest Rs 1,200 crore in the next 5 years

Auto component major Anand Automotive today said it will invest Rs 1,200 crore over the next five years on new product development and capacity expansion.

     

The company is also looking to enhance its exports to cash in on opportunities arising out of rupee depreciation.

     

"Between 2013 and 2017, the group has an investment plan of Rs 1,200 crore. This will be mainly on new products and capacity enhancement for their production," Anand Automotive President Group Business Development Sandeep Balooja told PTI here on the sidelines of ACMA annual convention.

     

The group has 47 different manufacturing locations across India and the capacity hike will be among these existing plants, he said.

     

The group which has set a target of touching turnover of Rs 10,000  crore by 2016 is also looking to increase its export basket.

     

"Currently export accounts for about 8% of our total turnover, we are looking to increase this mainly by increasing our supplies to our collaborators and also by engaging with the international purchasing offices of established global manufacturers," Balooja said.

 

The group supplies to most of the automobile makers and globally it supplies to the likes of BMW, VW and Cummins. Last fiscal, the group had a turnover of Rs 5,800 crore.

 

"This year our total turnover will be around Rs 6,000 crore to Rs 6,150 crore. Export component will be at the same level as last year," he added.

 

With the new products coming in the group is looking at increased levels of exports, Balooja said.