Rockman eyes diversification beyond two-wheeler parts

To spend Rs 500 cr over next two years to set up component manufacturing units for passenger cars

Suman Kant Munjal-led Rockman Industries, which gets the bulk of its Rs 2,200 crore revenue from supplying components to brother Pawan Munjal's Hero MotoCorp, is seeing a need for diversification beyond two-wheelers into passenger cars and emerging technologies. 

It plans to spend Rs 500 crore over next two years to set up component manufacturing units dedicated to passenger cars.

The privately held company announced the acquisition of a carbon composite manufacturing company, Moldex, for Rs 100 crore today. 

The British Indian venture, a company set up six years ago, builds and supplies parts for motor racing series, such as Formula One