Minda Ind sets new facility in Chennai

Minda Industries Ltd (MIL), in a joint venture with the $ 10-billion French auto component manufacturer Valeo, is planning to set up a manufacturing facility in Pune or Chennai for producing starter motors and alternators. The initial investment in the facility will be Rs 100 crore. The facility will have a capacity of one million units each for alternators and starter motors.

The structure and name of the company is yet to be finalised. Minda is likely to have 30 per cent stake in the JV. Though Pune was initially considered for the new facility, the location of the new Mahindra and Renault-Nissan manufacturing facility in Chennai, has made MIL review the location. So the new facility could possibly come up at either Pune or Chennai. 80 % of the production will address the needs of the domestic market and 20 % will be exported. N.K. Minda Group has 19 manufacturing units in India. It plans to begin commercial production of batteries from its Pant Nagar plant by June. The Group is planning to invest nearly Rs 500 crore over two years to augment capacities.