Sonalika plans auto parts foray
SONALIKA Group plans to foray into automotive components manufacturing with an investment of Rs 200 crore. A 50 - acre facility in Rajasthan will start making transmissions, front wheel axles and plastic components for cars and tractors from next year.
Sonalika Group chairman LD Mittal said: "Automotive component is the next big growth area. The new facility will be a new independent facility of the Sonalika Group at Bhiwani in Rajasthan, close to the auto cluster in Manesar. We already have the technology to make components from our technical partner MG Rover. We will supply critical components to all major car and tractormakers." The company will also sell components - engine parts and transmission- to its Japanese strategic partner, Yanmar Company for its overseas operations.
The Rs 5,000 - crore Sonalika Group, the third - largest tractormaker, also has a limited presence in the utility Vehicle (UV) market through its subsidiary, International Cars and Motors (ICML), which makes utility vehicle Rhino.
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