Minda Inds' Rs40cr unit in Uttaranchal

Minda Industries today announced plans to set up a new plant at Pantnagar, Uttranchal to manufacture automotive batteries with an investment of Rs 40 crore.

The total capacity of the plant, when fully operational, would be four million batteries per annum. The plant is likely to be completed by December 2006, and would commence production in the last quarter of the financial year 2006-07.

The battery project has been set up in technical collaboration with Europe's leading automotive supplier FIAMM S.p.A of Italy.

"We are looking at cornering a substantial part of the batteries market in India, and hope that, like all other products of our portfolio, our batteries will also be well received by OEMs. This battery project is very close to our heart, and is a major milestone in our diversification process," Nirmal K Minda, managing director of the company, said.

The company expects revenues of Rs 50 crore in the first full year of operation from the batteries division, and has projected Rs 125 crore revenue in the third year.