Wabco-TVS (India) Ltd, a provider of air brake actuation systems for commercial vehicles, is planning to tap new markets, including Brazil and Russia, during the current financial year to strengthen its export business.
For the year 2008-09, the company registered a turnover of Rs 446 crore. Of this exports accounted for 9-10 per cent, said P Kaniappan, whole-time director of Wabco-TVS, on the sidelines of annual general meeting here on Thursday.
It currently supplies its products to its parent company's — Wabco — customers in China, the US and Europe. Kaniappan did not quantify the growth in export for the current fiscal. “We would manufacture country-specific products,” he added.
The company would cater to the export market through its facility at Mahindra City, near here. It has set a target of Rs 30 crore exports from this unit.
Speaking about the domestic market, where the company has a market share of 80 per cent, he said they would use Wabco’s competence to manufacture new products for the industry. “We are planning to start manufacturing clutch controls, which will be Wabco’s competence.” At present, it offers complete braking solutions to companies like Tata Motors, Ashok Leyland, Daimler India.
During the current fiscal, Wabco-TVS would invest Rs 10 crore.
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Of the total business during 2008-09, the OEM (original equipment manufacturer) business contributed 80 per cent while the remaining came from aftermarket.
This year, the growth will either be flat or minimal, said Kaniappan.