IntevaProducts expands Pune operation
Inteva Products, which manufactures components related to closure systems and motors and electronics in India, has opened a new manufacturing plant at Chakan near Pune.
The ISO14001 and TS16949-certified plant will manufacture side door latches, compartment latches, associated strikers, electronic actuators and window regulators from the closure systems product line and window lift motors from the motors and electronics product line and will include in-process testing along with full quality assurance capabilities. The new plant is also designed to accommodate company’s other product lines as well.
The company has invested US$ 5 million (Rs 27.6 crore) in its Pune setup and a similar amount in its Bangalore facility so far.
Lon Offenbacher, president and CEO, Inteva Products, said that “India is beyond an emerging market as this economy provides an enormous long-term growth opportunity. Depending upon the market demand in the coming years, we also plan to introduce our other product lines such as interior systems and roof systems in India at our future-ready plant.”
He divulged that the company is open to possible tie-ups and acquisitions to mark an entry into the aforementioned component space.
Eyeing future growth
Stating an example of modern sunroofs and low-mass full-roof modules, Offenbacher explained that currently there are very few takers in India as compared to China, UK and USA. However, he expects that the domestic demand for advanced roof systems will mature in the coming three to five years. He underlined that while the company is growing at a compounded annual growth rate of 15 percent, the component category of closure systems and motors and electronics in India is growing by roughly 15-25 percent per annum.
The company’s current turnover in India stands at US$ 25 million (Rs 138 crore) and the officials anticipate scaling the same up to US$ 50-75 million in the next four to five years.
Inteva Products India began its manufacturing operations in Pune in 2008 and is currently a supplier to Ford India, Volkswagen, Tata Motors, Hyundai, Mahindra & Mahindra and other multiple clients in Europe and the US.
Other than the manufacturing facility in Pune, which now employs around 270 skilled people, the company also operates a technical centre in Bangalore which was established in 1997 and currently employs 150 engineers. The technical centre has been supporting company’s global as well as India businesses.
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