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India - Ashok Minda group to pump in Rs 9 bn for expansion

Ashok Minda Group, India`s leading auto component manufacturer, is planning to invest up to Rs 9 billion over the next 2-3 years on expanding current business and acquisitions, reports agency sources.

The group aims to cross a turnover of Rs 40 billion by 2011-12. It has acquired specialist interior component supplier Schenk Plastic Solutions in Germany for an undisclosed amount.

The group will focus on enhancing its position in four components, security systems, driver information, die casting and interior products.

Ashok Minda Group is currently carrying out a feasibility study to set up one manufacturing facility in either Uzbekistan or Russia. It is also studying the Brazilian market to set up an unit there.

The feasibility studies in Europe and Latin America are expected to complete within next 2-3 months, after which it will proceed further.

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