US-based automotive and industrial products and services provider, Gates Corporation today said it expects to double revenues in India to touch $200 million by 2014-15.
The company that has two major plants in Chennai and Chandigarh and two other smaller plants in Pune and Faridabad, said it will invest $20 million in the next two years to expand capacity to meet rising demand.
"India has not been a focus from Gates' point of view in the past but that is changing now. We know it is a strategic and important market for us...We expect to double our revenues to touch $200 million by 2014-15," Gates Corporation President and COO Alan Power said.
He said in order to meet the target, the company will invest $20 million (nearly Rs 90 crore) on increasing capacity of its plants, mainly in Chennai and Chandigarh.
Half of the planned investments will be made this year and the rest in the next year, he added.
In India, the company offers products and services in automotive, construction, oil and gas, and general engineering segments.
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The firm, which has so far been servicing requirements of oil and gas sector in India from its Middle East operations, will now do it directly through the Indian arm, Power said.
He also said the company will hire around 400-500 people to enhance manpower in line with the expansion plans in India. Gates Corp currently has 1,200 employees in the country.
With India becoming a focus market, Gates Corporation will also shift its IT support centre and back-end operations for transactions to its Delhi office along with some engineering resources.
Asked if the company would also be looking for acquisitions in India, Power said: "In the past we have looked at that option but we did not find it to be viable. However, if we do come across good options we are open to it".
Gates Corp, which expects to clock turnover of $3.3 billion, has already invested $60 million in India.