Financial Daily from THE HINDU group of publications
Sunday, Dec 11, 2005
Financial Daily from THE HINDU group of publications Sunday, Dec 11, 2005 |
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Corporate
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New Projects Malaysian auto parts major Ingress plans India foray Neha Kaushik
New Delhi , Dec. 10 MALAYSIAN auto parts major Ingress Corporation Berhad is all set for its India foray and plans to set up a unit in Pune within next year. According to sources, Ingress plans to invest about Rs 75 crore in India to set up operations. The company is also mulling the possibility of setting up a second unit in Greater Noida, which is to be used to supply car parts to Honda. Ingress is learnt to have bagged a major global order from Honda. When contacted, Mr Rameli Bin Musa, Executive Vice-Chairman, Ingress Corporation Berhad, confirmed that the company was entering the Indian market by setting up a joint venture. "We are talking to various car-makers in India to supply parts. We are targeting to set up the plant by the end of 2006," Mr Musa said. He, however, declined to divulge further details about the project. Industry sources, however, said the joint venture would be between Ingress, Katayama (Ingress's joint venture partner in Thailand) and an Indian partner. Ingress along with Katayama would hold about 74 per cent stake in the venture. Ingress is learnt to have bagged an order from Tata Motors and Mahindra Renault and hence the decision to set up a unit in Pune. In South-East Asia, Ingress is a suppliesr to major automakers including Honda, Nissan, Toyota, and Proton among others. It is likely to leverage upon these relationships in India as well. The $100-million company supplies co-extruded mouldings, complete door systems, door sash among other components. It currently has operations in Thailand, Indonesia and Malaysia.
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