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Anand Automotive to invest $183m in product development and expansion

Anand Automotive to invest $183m in product development and expansion Indian automotive systems manufacturer Anand Automotive is planning to invest INR12bn ($183.1m) on new product development and capacity expansion over the next five years. The company also plans to take advantage of the rupee depreciation by improving its exports. The is company is targeting a a turnover of INR100bn ($1.5bn) by 2016, while increasing its exports. Anand Automotive group business development president Sandeep Balooja said that the group has 47 different manufacturing locations across India and the capacity hike will be among these existing plants. "Between 2013 and 2017, the group has an investment plan of Rs 1,200 crore. This will be mainly on new products and capacity enhancement for their production," Balooja added. "Currently export accounts for about 8 per cent of our total turnover, we are looking to increase this mainly by increasing our supplies to our collaborators and also by engaging with the international purchasing offices of established global manufacturers." Anand is a manufacturer and supplier of automotive systems and components to major vehicle and engine manufacturers in India and globally. Customers of the company include BMW, VW and Cummins.

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