homemarket Newsstocks NewsUno Minda lines up Rs 300 crore for capacity expansion

Uno Minda lines up Rs 300 crore for capacity expansion

Uno Minda lines up Rs 300 crore for capacity expansion
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By CNBC-TV18 Aug 25, 2022 10:39:44 PM IST (Updated)

Shares of Uno Minda ended at Rs 562.30, up by Rs 12.30, or 2.24 percent on the BSE.

Auto components maker Uno Minda Ltd (formerly known as Minda Industries Ltd), on Thursday said it's investing around Rs 300 crore to expand its manufacturing capacity of 4W alloy wheels and 4W automotive switches to meet rising demand.

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Minda Kosei Aluminum Wheel Private Ltd, one of the key subsidiaries of Uno Minda, will be expanding its 4W alloy wheel capacity by 60,000 wheels/month to 240,000 wheels/month at its plant in Bawal, Haryana. The additional capital expenditure for the aforesaid capacity expansion will be Rs 190 crore.
The expansion is expected to be commissioned in two phases with the first phase of 30,000 wheels/month in December 2023 and the remaining in June 2024. The expansion will cater to increased demand fuelled by increasing application factors. Alloy wheels have also emerged as one of the most sought-after accessories for 4W buyers in India.
Mindarika Private Ltd, another key subsidiary of Uno Minda Ltd, is setting up a new manufacturing plant at Farrukhnagar (Gurugram, Haryana) to cater to the increased demand for 4W automotive switches from Indian and international customers.
The project cost for setting up Phase 1 of the manufacturing plant at Farrrukhnagar will be approximately Rs 110 crore and will be completed by September 2023.
Phase 1 of the plant will make  part products used in the manufacturing of auto components. The new plant will be strategically located 15 km from the existing Manesar plant deriving significant operational synergies.
Further, the company is setting up a wholly owned subsidiary and an office in Dubai in order to enhance the company’s market reach in African & Middle East markets with a focus on the aftermarket segment.
Uno Minda is a leading global supplier of proprietary automotive solutions and systems to OEMs as tier-1. It is one of the leading manufacturers of automotive switching systems, automotive lighting systems, automotive acoustics systems, automotive seating systems and alloy wheels in India.
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