Minda Corporation to open third die casting plant in Pune, India to invest Rs 75 crore

Tuesday, Jun 20, 2017

Minda Corporation is planning to set-up a third die casting plant in Pune. The other two plants are in Greater Noida and Chakan, Pune. For the new plant, the company will invest a sum of Rs 75 crore to install a production capacity of 4600 metric tonne per annum, the company said in an investor presentation. Apart from the new die casting plant, the company will also invest a sum of Rs 25 crore in research & development.

As per the company, it has already acquired a 36,500 sqm land for the new plant and civil work has been initiated. The company is expecting to get it operational by next financial year.

The planned facility will be exclusively for aluminium gravity and low pressure die casting. It will also house a separate machine shop that will focus on precision parts like compressor housings. The company expects annual sales of Rs. 2,000 million by 2019-20 from the new die-casting plant.

Ashok Minda, Chairman and Group CEO said, "During the year, we continued our journey of expansion and innovation with significant developments at Minda Corp. We inaugurated the new plant at Mexico and commenced the production of interior parts. We also entered into a joint venture with SBHAP, China for the supply of plastic products through Minda KTSN. The setting up of the third die casting plant in Pune was initiated this year and is expected to double the capacity over the next three years. Also, I am pleased to announce that Spark Minda Technology Centre, our state of art R&D facility, is now fully operational."

In the last financial year, Minda Corporation's total revenue increased by 21.1% y-o-y to Rs 2962 crore while the EBITDA margins increased by 6.7% at Rs 198.1 crores and net profit increased by Rs 96.1 crore.

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