Wednesday, Feb 28 2024 | Time 08:42 Hrs(IST)
Business Economy

Uno Minda to increase land banks for expansion in TN, Pune, North India

Chennai, Dec 2 (UNI) Leading auto component makers and suppliers Unio Minda Limited has chalked out expansion plans, including in Tamil Nadu in South India, and is planning to increase its land bank in this regard in key states.
Talking to reporters at a media meet here, Company CMD Nirmal K Minda and Group Chief Financial Officer and CEO-Safety & Comfort System Sunil Bohra said to set up additional capacities to meet the future demand, Uno Minda Ltd will be building land banks in Tamil Nadu, Pune and North India.
“We are building land banks for future expansion as all our plants are functioning at full capacity,” Mr Bohra said.
With a good growth after entering South India in 2008 in Bengaluru, the Company has 12 facilities in Tamil Nadu, that included six each in Chennai and in the automobile hub of Hosur in Krishnagiri district of the State.
As there has been some stagnation with regard to acquiring government lands in Hosur, the company would be looking for lands a few kms away--about 10 to 15 kms-- from Hosur to set up additional facilities to meet the future demand, he said, replying to a question.
Mr Bohra said the auto ancillaries major was also not averse to acquiring private lands and has been in talks with some private players also to build the land bank in Hosur.
Stating that Uno Minda has nearly closed a deal to purchase 40 acres in Hosur from private parties, Mr Bohra said the has bought 86 acres in Pune in Maharashtra and is looking to acquire about
95-100 acres in North India,.
Mr Nirmal Minda, who addressed the media through video conferencing, said by 2030 the two wheeler industry size will be about 30 million and cater to this the company required lands to set up additional capacities to meet the future demand.
To another question, Mr Bohra the Uno Minda group was in the process of executing nine capital expenditure projects at a total outlay of about Rs.2,000 crore and the capex for this year will be about Rs.800 crore.
In the EV segment, the company will focus on the passenger vehicle segment going forward. Currently the company caters to the electric two wheelers with various components.
He said the company reported a turnover of Rs 20,000 crore last year and it planning to increase it to Rs 25,000 crores in the next couple of years.
He said South India contributed about Rs 4,000 crore to the total revenue.
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