Bajaj on Rs 50 cr expansion plans
The auto giant would be setting up new units in Nasik, Pantnagar and Ludhiana, Chairman and MD SP Bajaj said.india Updated: May 17, 2006 12:21 IST
Buoyed by robust growth in the auto component manufacturing sector, Bajaj Group has announced its plans to pump over Rs 50 crore to set up new manufacturing facilities in Maharashtra, Uttaranchal and Ludhiana.
"We plan to invest more than Rs 50 crore for our expansion projects, which include setting up of new units in Nasik, Pantnagar and Ludhiana," Bajaj Group of Industries Chairman and Managing Director SP Bajaj said on Monday.
The group, planning to complete its expansion projects within this fiscal, would fund the entire project either through an Initial Public Offer or strategic investment mode.
We hope to achieve a turnover of Rs 250 crore within the next 3-4 years, as compared to the Rs 115 crore registered in 2005-06, he added.
Bajaj Group, manufacturer of machined components for two wheelers, would also invest Rs 12 crore to set up a cold forging plant in Nasik for manufacturing fuel injection pumps.
The company has also signed an MoU with auto component manufacturer MICOa for supplying its fuel injection pumps.
An investment of Rs 10-15 crore has been earmarked by the company to set up a manufacturing facility in Uttaranchal.
Moving towards backward integration, the group would manufacture forging with a cost of Rs 15 crore at its facility. It will also invest Rs 20 crore for setting up another plant in Ludhiana for capacity enhancements.