Auto components maker Sona Group plans to invest Rs 300-400 crore over the next four years to expand business in the country.
The Gurugram-based firm plans to expand its forging and electric axle businesses, besides developing new products. It also aims to increase quantum of supplies to the US market.
"We are looking to invest in the range of Rs 300-400 crore over the next four years and most of it will happen in India," Sona Group CEO Sunjay J Kapur told PTI.
Bulk of the investment will go towards expanding the forging business, the electric axle business and drivelines segment, he added.
Elaborating on the group's future plans, Kapur said: "Currently we are 19-20 per cent of the global forging business. Our aim is to take it to 30 per cent, going ahead."
The company aims to introduce new products, he added.
"We not only want to do gears but would also like to see what else can be manufactured in the drivline segment. We would develop the electric axle business," Kapur said.
As electric vehicles gain currency, the group is looking to encash the trend by expanding its electric axle business.
"We are already supplying axles to some electric car manufacturers in the the US as well as to Porsche electric of Germany, so we are well on our way to cash in on that trend," Kapur said.
He added that the group also wants to grow its business in the US.
"We export around 30 per cent of what we produce in India to the US market. We would like to increase it further going ahead," Kapur said.
Founded in 1987, the group today has around 16 plants across India, Germany and the US. It supplies a range of products like steering and driveline components for passenger cars, utility vehicles, commercial vehicles and specialty vehicles.
The USD 800 million group currently gets majority of its revenues from German operations.
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