Business Daily from THE HINDU group of publications
Monday, Sep 15, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Monday, Sep 15, 2008 ePaper | Mobile/PDA Version | Audio |
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Corporate
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New Projects IAC new unit at Chakan Our Bureau Pune, Sept. 14 International Automotive Components Group (IAC) is setting up a new facility at Chakan to manufacture vehicle interior components and systems. The new IAC facility will involve capital investment of approximately $25 million and be used to produce instrument panels, cockpits and door assemblies amongst other components for cars and medium/heavy trucks in the domestic market. The operation is scheduled to be completed by the third quarter of 2009. IAC Group Chairman, Mr Wilbur Ross, said, “We are delighted that IAC has been invited into India to supply for Mahindra & Mahindra and Volkswagen. “Pune is an ideal first location for IAC and we hope that future business opportunities will cause us to put factories in the two other major automotive centres as well.” IAC was awarded several new contracts to supply interior and exterior components to a future Mahindra & Mahindra utility vehicle, a Mahindra Navistar Automotive Ltd medium/heavy-duty truck program and a Volkswagen Polo small car programme — all of which will be supported at this new location. “With this manufacturing operation, and our recently established engineering and commercial facility in Pune, IAC will be positioned to support the dramatic growth expected in the automobile market in this region over the coming decade,” said Mr Jim Kamsickas, President and Chief Executive Officer of IAC Group North America and Asia. “Pune is strategically close to many of our customers, which allows us to continue supporting their global growth needs,” he added. Established ventures The new venture follows a series of expansion initiatives by IAC into Asia. In early 2008, IAC established an engineering and administrative facility in Pune. Earlier, it added two engineering, program management and sales locations in Japan, as well as Asia headquarters operations in China. The IAC Group’s revenue in 2007 was over $5.3 billion. The company has manufacturing facilities in 17 countries and employs around 28,000 people around the world. More Stories on : New Projects | Automobile Components
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