Financial Daily from THE HINDU group of publications
Friday, Jun 24, 2005
Financial Daily from THE HINDU group of publications Friday, Jun 24, 2005 |
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Corporate
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Announcements Amara Raja to supply batteries to Hyundai Our Bureau
Chennai , June 23 HYUNDAI Motor India has taken Amara Raja Batteries as its second source for supply of batteries for its Hyundai cars. An announcement to that effect was made by Amara Raja on Thursday. Amara Raja's Managing Director, Mr Jay Galla, said that the company expected to sell 60,000 batteries to Hyundai over the next 12 months. But the bigger benefit comes from access to Hyundai's large dealer and service centre network, which would help enhance the batteries' sales in the after market. Amara Raja is scheduled to announce its annual results in a week. The company's Chief Financial Officer, Mr Gopal Mahadevan, said that last year sales grew by about 15 per cent. In the previous year, the company had achieved a turnover of Rs 163 crore. Mr Galla said that being named an OE supplier to Hyundai could mean a topline growth of 5 per cent. He said the company was in the process of expanding its capacity for producing automotive batteries from 1.5 million units to 2.4 million units a year. The expansion, being made at an investment of Rs 38.8 crore, is expected to be over this December.
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