Anticipating a surge in demand over the next 10-15 years, auto parts giant Uno Minda is aggressively acquiring land across India's major auto hubs. The company plans to spend Rs 600 crore to secure land parcels, aiming to grow at least 1.5 times faster than the industry in the long run.
Sunil Bohra, CFO and CEO of Safety and Comfort stated that the company already has spent around Rs 170-180 crore so far.
Elaborating further, Bohra added that the company has so far acquired 86 acres of land in Pune and is in the final stages of buying 40 acres of land in South India. Likewise, in Haryana, the company is getting 95 acres of land from the Haryana government, the process for which is currently underway. Additionally, Uno Minda is also scouting for land in the auto hub of Gujarat.
"Currently, we have land in our hands. The end result is that land is a scarce commodity, and we have been finding challenges in finding land nearby our existing plants. We are building this land bank," added Bohra before continuing that the land acquisition is expected to be completed by the next 6–12 months.