NEW DELHI: Auto component maker Anand Automotive Group today said it targets a sales turnover of $ 2 billion (about Rs 10,000 crore) by 2014 and will invest up to Rs 1,500 crore in the next five years for expansion.
"With the largest range of automotive components, the group recorded sales turnover of $ 700 million in 2009, with a target to achieve $ 2 billion by 2014," Anand Automotive Director K C Anand said in a statement.
The group has an investment plan of between Rs 1,300 crore and Rs 1,500 crore in the next five years for new plants, joint ventures in the automotive sector and capacity building in existing plants, he added.
The Group's company, Mahle Filter Systems, announced commencement of a new manufacturing unit at Parwanoo in Himachal Pradesh to make filters, which is expected to generate turnover of Rs 25 crore this year.
"The plant went into production on March 19, 2010 and will generate annual revenue of Rs 25 crore this year. The proposed installed capacity of the plant is expected to be 22 million filters per annum," Mahle Filter Systems COO Sunil Nair said.
Mahle Filter Systems, a joint venture between Mahle Group of Germany and Anand Automotive Group caters to leading automotive makers including Ashok Leyland , Tata Motors , Mahindra & Mahindra , General Motors and Bosch .
Besides supplying to the existing customers, the new unit will also cater to the requirements of the replacement market in India and for exports, the statement said.
The Group comprises 19 companies with 44 business units spread in eight states across the country, according to its website.
It currently employs 8,000 people and aims to provide 13,000 jobs in 2014, the statement added.
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