UNO Minda to invest Rs 300 crore in capacity expansion
The expansion is for four-wheeler alloys and automotive switches that individual subsidiaries will spearhead.
Uno Minda, one of India’s leading Tier-1 suppliers of proprietary automotive solutions and systems to original equipment manufacturers (OEMs) is investing around Rs 300 crores to expand manufacturing capacity of four-wheeler alloy wheels and switches.
Minda Kosei Aluminum Wheel, a subsidiary of Uno Minda will expand its four-wheeler alloy wheel capacity by 60,000 wheels per month to 240,000 wheel/month at its plant in Bawal, Haryana. The additional capital expenditure for this expansion will be Rs 190 crore.
The expansion is expected to be commissioned in two phases with the first phase of 30,000 wheel/month in December 2023, and the remainder by June 2024. The expansion will cater to increased demand fuelled by increasing use. Alloys have also emerged as one of the most sought-after accessories for 4W buyers in India, the company said.
Another Uno Minda subsidiary, Mindarika, is setting up a manufacturing plant at Farrukhnagar near Gurugram in Haryana to cater to increased demand of four-wheeler automotive switches from both domestic and global customers. The project cost for the first phase at Farrukhnagar will be approximately Rs 110 crore, and which is slated for completion by September 2023. The first phase of the plant will see the manufacture part products to be used for auto components. The new plant will be located 15 km from the existing Manesar plant which will give MIndarika operational synergies, the company said. This location will also have surplus land for expansion, the company added.
Uno Minda is also setting up of a wholly-owned subsidiary and an office in mainland Dubai in order to enhance the company’s market reach in African and Middle East aftermarket segment. The UAE being an auto hub for MEA and CIS with high customer inflow will facilitate aftermarket business development in the region.
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