Uno Minda to invest Rs 300 crore for expanding four-wheeler components business

Auto parts maker, Uno Minda (formerly known as Minda Industries) is looking to invest around Rs 300 crore to expand its manufacturing capacity of four-wheeler alloy wheels and 4-wheeler automotive switches in order to meet the rising demand as there is a slew of new launches in electric vehicle space and a lot of the auto ancillary companies are gearing up to service original equipment manufacturers (OEMs).

Speaking to CNBC-TV18 after the expansion plan approval, Sunil Bohra, Group CFO of the company said, “The board approved Rs 300 crore worth of expansion yesterday. This is the third expansion in the last 12-18 months, which we are going with because the application ratio of the alloy wheels to steel wheel has continuously been increasing and we believe that still there is a huge potential for further growth.”

The expansion of the 4-wheel alloy wheel manufacturing capacity will be at its Bawal plant in Haryana. The company will be expanding the capacity by 60,000 wheels per month to 240,000 wheels per month.