Ashok Minda Group, a Noida-based auto component manufacturer, announced on Tuesday its acquisition of Germany-based Schenk Plastic Solutions GmbH for an undisclosed amount.
Acquisition to help group enter interior plastics business in India
NEW DELHI: Ashok Minda Group, a Noida-based auto component manufacturer, announced on Tuesday its acquisition of Germany-based Schenk Plastic Solutions GmbH for an undisclosed amount.
The buyout will help the group enter the interior plastics business in India through large original equipment manufacturer (OEM) clients such as DaimlerChrysler, Volkswagen and BMW. The interior plastics business involves making all the plastic parts used in a car.
Schenk is a €75-million component supplier with two manufacturing plants in Germany and one in Czechoslovakia. Minda already has a presence in the interior plastics sector in Germany after it acquired another interior plastics firm last year for similar reasons.
Ashok Minda, the group’s chairman, said he would like to enhance the company’s position in four specific areas - security systems, driver information, die-casting and interior products. The group has planned an investment of Rs 900 crore over the next three years for capacity expansion and acquisitions.
“We are currently carrying out a feasibility study to set up one manufacturing facility in either Uzbekistan or Russia. More acquisitions are on our radar,” Minda said. The group is also studying the Brazilian market to set up a unit there. The company has 17 manufacturing plants in India and another six abroad.
It is in the process of setting up units in Bawal (Haryana), Pune and Vietnam for various product categories. The group posted a turnover of Rs 1,000 crore last fiscal and is eyeing 60% increase to Rs 1,600 crore in FY09.
b_sindhu@dnaindia.net
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