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Our Bureau

New Delhi , Jan. 18

DUBAI-BASED auto component major, Parts International Company, has said it would invest about Rs 16 crore in India over a period of three years. The company also plans to set up a manufacturing unit in the country, and make India an export hub for the CIS and SAARC region.

"We will initially invest about Rs 4.5 crore to set up a manufacturing facility for two-way alarm system `Magicar' and will export parts to CIS and SAARC countries," the Technical Director, Parts International, Mr R.K. Sharma, said.

Mr Sharma said the company planned to set up a second manufacturing unit in India "at a later stage for domestic sales and exports to existing OEM and after sales clients and to cater new markets in Asia, for which the investments would be around Rs 12 crore." He said the company expected to start its second auto component unit in the next three years.

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