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Lumax Industries Ltd, the flagship company of the $400 million D K Jain Group, plans to invest Rs 300 crore and double its turnover to Rs 2,500 crore in the next five years.
"Over the time, the company has substantially increased its manufacturing capacity and R&D capabilities. Keeping in view the present order book the proposed investment would be around Rs 300 crore in greenfield, brownfield and capacity expansion plans in next 5 years, to be funded through internal accruals," Lumax Industries Managing Director Deepak Jain told reporters here.
During the past 2 years, the company has invested about Rs 160 crore in its Bawal and Bangalore facilities.
The company today celebrated its silver jubilee milestone of listing on the Bombay Stock Exchange (BSE) with a bell ringing ceremony at the stock exchange here.
"I think with the upturn coming in and with Prime Minister Narendra Modi's 'Make in India' policy coming in, it is going to give a boost to the automotive sector," Jain said, adding the company expects a 10 per cent growth in revenues in FY15 and also hopes to double its turnover to Rs 2,500 crore by FY19 from the present Rs 1,100 crore.
Jain said the focus will be on growth in the domestic market. As part of the Greenfield expansion, the company plans to set up its ninth plant at Sanand in Gujarat and invest around Rs 40 crore for infrastructure development. The plant will be operational by FY18, he said.
The company manufactures products such as head lamps for 4-wheelers and 2-wheelers, rear combination lamps, auxiliary lamps and sundry lamps for Indian as well as global leading brands such as Hero MotoCorp, Honda Cars, HMSI, Maruti Suzuki, Mahindra & Mahindta, Tata Motors, Toyota Kirloskar and Yamaha at its state-of-the-art facilities at Gurgaon, Dharuhera and Bawal in Haryana, Chinchwad & Chakan in Maharashtra, Haridwar & Pantnagar in Uttarakhand and Bidadi in Karnataka in India.
The company also exports its products to Audi, Nissan, JLR and John Deere.
"In partnership with Stanley Electric Co Ltd of Japan, for the last three decades, we are enhancing R&D and manufacturing capabilities to serve our customers. It is due to Stanley's support that Lumax is an undisputed leader in their product line," Jain added.
In the last 30 years, Lumax family grew from 50 employees to 5,000 employees - direct and indirect - today. Lumax also supports 700 supplier partners for its current business.
