Component maker Anand Automotive plans to raise capacity to bridge the demand supply gap in the Indian automobile industry. The company plans to pump in fresh investment for the expansion.
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“We are planning to invest about US$100m in raising our capacities in the next 3-4 years,” group CEO Deepak Chopra told just-auto. Having begun in 1961 as shock absorber maker Gabriel India, the group – now 19 companies with 44 business units in eight states – is the most diversified auto component manufacturer in India, still making shock absorbers, but also filters, drive shafts, brake systems, air conditioning systems and safety products.
“We are supplying our range of products to almost 80% of the OEMs in India including VW, Ford, Tata Motors, and Maruti’s new product line,” Chopra added. The group plans to triple annual turnover to about $2bn by 2014.
Anand is also looking for acquisitions in India. “We are looking for opportunities for new product lines with our existing customers and even acquisitions,” said Chopra.
The firm would like to acquire a greenfield venture catering to the aftermarket. “We are looking for an acquisition having turnover between $25-30m,” Chopra added.
