Financial Daily from THE HINDU group of publications
Saturday, Feb 07, 2004
Financial Daily from THE HINDU group of publications Saturday, Feb 07, 2004 |
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Corporate
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New Projects Minda Huf to set up new plant in Pune Neha Kaushik
New Delhi , Feb. 6 IN line with its expansion plans, automotive components manufacturing firm, Minda Huf Ltd, is setting up a new manufacturing plant in Pune. According to a company official, the plant is being set up with an investment of Rs 25 crore, which would be financed primarily by financial institutions and internal accruals of the company. The plant, which will manufacture security systems for vehicles, is aimed at meeting the growing demand of the company's OEM customers located in the western region. "We are expecting the new plant to achieve a turnover of Rs 100 crore in the next three to four years," the official said. The plant would be set up in two phases. In the first phase, the assembly plant and the paint shop would be set up, while in the second phase, component-manufacturing facilities would be established. The plant would have a total work force of 400 people. Minda Huf, which is an alliance between the Ashok Minda Group and the Germany-based Huf, is eyeing a turnover of more than Rs 100 crore this year with about 18-20 per cent of its sales coming from exports.
More Stories on : New Projects | Automobile Components
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