The Coimbatore-based Pricol Ltd, which manufactures automotive components and automobile accessories, is targeting the Rs 3,000 crore revenue mark by 2020 by focusing on the global market with manufacturing facilities in the ASEAN region and South America. The company, which is expected to close FY2015-16 with revenues of Rs 1,450 crore and growth of over 20 percent, is eyeing organic and inorganic growth to achieve the target.
This aggressive growth will be will be met through the setting up of greenfield plants in Vietnam (which will be operational by 2017) and a new plant in Mexico before the year 2020. Besides this, it is also looking at possible acquisitions in Europe and North America.
At present Pricol has 8 manufacturing units in India, Indonesia and Brazil and 7 international offices with nearly 5,100 employees.
In India, Pricol’s all-new plant in Pune will go on stream by May 2016; it will manufacture the existing range of products across segments. The company intends to invest Rs 500 crore through internal accruals on these plans in the next four years.
While unveiling the new brand identity of the over 40-year-old company in Chennai today, Vikram Mohan, managing director, Pricol, said, “We will focus on newer markets through acquisitions, tapping new product segments which would be achieved through a strong focus on innovation with a growing team of over 275 R&D engineers.”
Commenting on the new brand identity he said, “As we create our global manufacturing footprint, we felt it is relevant to create a new brand identity. This reflects our aspiration and vision and our global outlook as we are no more playing in just the Indian market but the global marketplace.”
As part of its global expansion plans, Pricol acquired Melling do Brasil, an automotive powertrain manufacturing company, in January 2015 and renamed it Pricol do Brasil. The company, which caters to domestic and overseas customers with its integrated manufacturing capabilities, gives Pricol an entry into four-wheel powertrain product segments globally.
Pricol manufactures a varied range of products including driver information system & sensors, pumps & mechanical products, telematics, body control & security solutions and asset management solutions for passenger cars, two-wheelers, commercial vehicles, tractors and also for the off-highway market. Currently, it is the world’s second largest manufacturer of rider information systems for two-wheelers, the world’s fourth largest manufacturers of instrument cluster for tractors and off-highway vehicles and the largest manufacturer of telematics solutions.