Ashok Minda Group to set up Uzbekistan facility
Delhi-based auto component manufacturer, the Ashok Minda Group is planning to set up a new manufacturing facility in Uzbekistan, through which it can supply components to auto majors in Russia and the Commonwealth of Independent States (CIS).
The new plant will be set up at an investment of around Rs 125 crore and is likely to start operating before the end of this year. The Group is aiming for sales of at least Rs 150 crore in the Russian market from 2010 onwards.
The Ashok Minda Group already supplies automotive components to markets in Russia and the CIS, but the company expects to get much more competitive once its sets up a manufacturing facility in Uzbekistan.
Apart from its facilities in India, Ashok Minda has manufacturing plants in the Czech Republic, Germany, Indonesia and Vietnam. With its new plant being established in Uzbekistan, the company hopes to move into European markets more aggressively.
After Uzbekistan, Ashok Minda plans to set up manufacturing facilities in other overseas markets, including China and South America.
[Via: indiaautomotive]