MAT Holdings eyes $150 mn from Indian auto components biz
Press Trust of India / Sonepat(Haryana) Jan 20, 2010, 15:51 IST
US-based diversified group MAT Holdings today said it is aiming for a two-third increase in turnover to $150 million by next year from its auto components business in India and will set up a new plant by 2011, to increase production in the country.
"In 2009, we achieved a turnover of $90 million from the country and we are now targeting to take it to $150 million by 2011," MAT Holdings Chairman and CEO Steve Wang told PTI.
The company, which had commissioned a new plant here earlier this month with a capacity to produce four crore units of brake pads annually, plans to invest another Rs 30 crore to set up a new one to manufacture items required for brake pads.
"We have just inaugurated our biggest Indian plant at Sonepat with an annual capacity of four crore units of brake pads. This takes our total capacity to ten crore units in our five plants in the country," Wang said.
The new plant that MAT Holdings will open early next year will be its sixth in India.
"This plant, also at Sonepat, will be operated by our group company Meneta Automotive. It will manufacture components for making complete brake pads," Wang said.
The $700-million (Rs 3,200 crore) MAT Holdings operates in India through five companies, including one joint venture firm.
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