The board of automotive components manufacturer Endurance Technologies has approved expanding capacity for aluminium die casting and machining of automotive components, it said in an exchange filing.
Expansion of the capacities will take place at its existing units in Waluj, Aurangabad. The company will spend ₹37 crore for this capacity expansion, which will be funded through their internal accruals.
The expanded capacity will cater mainly towards electric two-wheelers. The company cited increased demand from OEM customers as the rationale behind this capacity expansion exercise.
As of date, the units have an existing capacity of 10,000 sets per month, utilisation for which is currently at 98%, according to the company.
Endurance plans to add capacity worth an additional 30,000 sets per month. The expansion exercise is likely to be completed by May 2024, it said.
With a market capitalisation of nearly ₹28,000 crore, Endurance Technologies is a supplier of parts for two-wheelers and three-wheelers in India and car parts in Europe.
The company was started in 1985 by Anurang Jain, nephew of the late Rahul Bajaj to supply aluminium castings to Bajaj Auto. Promoters currently own a 75% stake in Endurance Technologies.
Shares of Endurance Technologies are trading around the mark of ₹2,000 per share and have risen 35% over the last 12 months.
First Published: Jan 27, 2024 11:42 AM IST
