Ashok Minda Group, automotive component manufacturer, is poised to cross sales revenue of over Rs 4,000 crore by the end of year 2011-12. The company had clocked a turnover of Rs 1,000 crore and with a growth target of 60 per cent for the current fiscal, the turnover is expected to be around Rs 1,600 crore.
The company is also looking to strengthen its international business. The Ashok Minda Group plans on increasing its share international to 50 per cent of the total business by 2009 against 25 per cent in 2007-08.
Meanwhile the company also announced the completion of the acquisition of German specialist interior plastic component manufacturer, Schenk Plastic Solutions GmbH. Ashok Minda Group has picked up 100 per cent stake in the German firm for an undisclosed amount. The company has now been rechristened as Minda Schenk Plastic Solutions GmbH.
This is the second major acquisition by the group in Germany. Last year, Minda Group had acquired another German auto component company KTSN, which also operates in the interior component business.
Commenting on the acquisition Ashok Minda, Chairman of the Ashok Minda Group said, “ The acquisition of Schenk is a step forward in our strategy to become an important player in the global auto component industry. Schenk’s technical leadership and Minda’s management competence will offer tremendous advantage to our existing and new customers in Europe and worldwide. This will also strengthen our Group’s presence in the European market. Our strategy is to position Minda as a major global player in the auto component business and towards this objective, we are looking for various strategic opportunities in other parts of the world. ”
