Bajaj Group plans Rs 50 cr expansion

Thanks to the growth in the auto component manufacturing sector, Ludhiana-based Bajaj Group of Industries is all set to pump in over Rs 50 crore to set up new manufacturing facilities in Ludhiana, Maharashtra and Uttaranchal.

"We plan to invest more than Rs 50 crore for our expansion projects, which include setting up of new units in Nasik, Pantnagar and Ludhaina," said SP Bajaj, chairman and managing director of Bajaj Group of Industries.

"We have planned to complete the expansion projects within the current financial year," he said for that fund will be generated either through an initial public offer or strategic investment mode," he said, adding that after execution of the expansion plan, the group hoped to achieve a turnover of Rs 250 crore within the next three to four years, as compared to Rs 115 crore registered in 2005-06.

The Bajaj Group, manufacturer of machined components for two wheelers, would invest Rs 12 crore to set up a cold forging plant in Nasik for manufacturing fuel injection pumps, he said.

The company had also signed a memorandum of understanding with auto component manufacturer MICO for supplying its fuel injection pumps, he added.