The Board of Minda Industries Limited (MIL) (Flagship company of UNO Minda Group) approved the below mentioned expansion plans in its alloy wheel businesses considering increased demand for its alloy wheels from leading OEMs.
Minda Industries Ltd will be expanding its 2W Alloy wheel capacity by 2.0 Mn wheels per annum at its existing Supa Plant in Maharashtra. The current expansion is part of the two phased expansion planned by the company at the time of foraying in 2W Alloys wheel business. The current capacities are now already booked with incremental demand coming from leading OEMs requiring company to further expand its capacities. The total 2W Alloy wheel capacity of Uno Minda group shall be 5.6 Mn wheels per annum after completion of this expansion, the statement said.
The additional capital expenditure for the aforesaid capacity expansion will be Rs 190 Cr. The expanded facilities are expected to commence operations by quarter ending March 2023.
Minda Kosei Aluminum Wheel Private Limited, one of the key subsidiary of Minda Industries Ltd, will be expanding its 4W Alloy wheel capacity by 30,000 wheels/month at its plant in Gujarat, to cater to the increased demand from leading OEMs in vicinity. This is in addition to the ongoing capex of 60,000 wheels/ month at Bawal Plant. The total 4W Alloy wheel capacity of Uno Minda group shall be 3,30,000 wheels per month after this enhancement.
The additional capital expenditure for the aforesaid capacity expansion will be Rs 74 Cr. The expanded facilities are expected to commence operations by quarter ending June.2023.
Nirmal K Minda, CMD, Uno Minda Group says, “Over the years, we have championed the cause of localization and Make in India. The above expansion is one more step towards building self-reliance of the Industry.”
Sunil Bohra, CFO, Uno Minda Group says, “Alloy wheels continue to be an attractive space owing to opportunities in form of Import Subsititution and low penetration providing ample opportunities for growth.”
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