The Hindu Business Line : Omax Autos inks pact with Iranian co

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New Delhi Feb. 10 Omax Autos has entered into a memorandum of understanding with an Iranian company to set up two joint venture companies, one in India and the other in Iran for manufacturing auto parts.

The joint venture firms will manufacture seat base and seat recliners for the Iranian passenger car market. The cost structure for the project is being worked out.

Omax is also setting up a new manufacturing unit for Tata Motors Ltd at Lucknow, for manufacturing chassis for light, medium and heavy commercial vehicles.

Trial production at the plant is likely to commence in the first quarter of 2008. According to the company, during the first phase the investments in terms of capital expenditure are estimated to be Rs 55 crore for making 50,000 chassis. In the second phase, the investment will increase to Rs 100 crore for manufacturing one lakh chassis, yielding a turnover of Rs 240 crore approximately. Omax is targeting to double its turnover to Rs 1,400 crore by 2010-11.

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