INDIA: Subros defers investment, Rico wins transmission order
Auto parts maker Subros has deferred an INR800m fiscal year 2012 spend by three to four months due to a slowdown in the sector, the company's chairman has said.
"The auto sector has seen demand slowdown. That's why there is no point in having idle capacity," Ramesh Suri told Reuters.
The company had planned to increase its automotive air conditioner capacity to 2m units from 1.5m with the investment.
Separately, local parts maker Rico Auto Industries told the news agency it had received a transmission equipment order from a foreign vendor worth INR500m-INR700m per year for at least five years.