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Priyanka Vyas

New Delhi, June 30 Lumax Industries plans to set up a manufacturing facility in Thailand at an investment of about $7 million. This would be in line with the strategy that many Indian auto component makers would follow as Tata Motors is set to commission its production for pick up trucks in Thailand.

“The presence of an Indian OEM in the Thai market would not only provide opportunity to serve them there but also expand our base for other manufacturers,” said Mr Deepak Jain, Executive Director, Lumax Industries.

He said that the company is likely to firm up its plans for the Thai market in the coming six weeks.

Lumax Industries is also investing Rs 150 crore in the next two years to ramp up its existing facilities and to set up new manufacturing units in West Bengal, Uttaranchal and Chennai.

At present it has manufacturing facilities in Gurgaon, Dharuhera in the North and Chinchwad and Chakhan near Pune.

“With Indian car makers setting up their facilities across different regions, we are also looking at expanding our base in these regions. We are setting up a new facility in West Bengal and would also increase our existing capacities,” Mr Jain said.

Currently, the company’s supplies are primarily in the domestic market with exports contributing merely 3 per cent of its revenues. However, Lumax is looking at increasing its presence in the commercial vehicles and the agro market in the US rather than the passenger car segment, for which it has received an order book worth $10 million from an OEM there.

Mr Jain said that the recent hike in Stanley Electrical Company Ltd’s stake in Lumax Industries from 19 per cent to 35 per cent would make it a competitive player to win orders in the global market.

“With this increase in equity, Lumax Industries plans to tap into Stanley’s customer base such as Nissan, Honda, Toyota to boost exports,” added Mr Jain.

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