Auto-component manufacturer Ring Plus Aqua, a subsidiary of Raymond Ltd, on Friday announced the opening of its third manufacturing facility at Sinnar.
In addition to the two existing plants located at the Sinnar Taluka Cooperative Industrial Estate, the plant will produce starter ring gears, transmission flex-plates and integral shaft water pump bearings.
Ring Plus Aqua is a major supplier to automobile manufacturers like BMW, Ford, Maruti-Suzuki, Hyundai, Honda, Tata Motors, Mahindra & Mahindra, Cummins, VECV, Caterpillar and Fiat.
The new facility will have a capacity of two million ring bearings per annum. With the effective concept of single piece product-line, the Ring Plus Aqua manufacturing capacity at Sinnar will be boosted to 8.2 million pieces of ring bearings per annum and cater to global industrial and automotive markets.
"In our transformational journey, we have a tactical focus on our non-core business that has maintained its profitable growth momentum," said Gautam Hari Singhania, Chairman and Managing Director of Raymond Ltd.
"Under our strategy of expansion plan for manufacturing ring gears, this new facility with an investment of Rs 45 crore will add capacity to the present production line and further consolidate our position in the segments we serve," he said in a statement.
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