Pricol Established New Factory in Phulgaon District
Pricol
has inaugurated its new factory for automotive components in Maharashtra, which
is spread across 6.58 acres of land
India: The renowned OEM automotive parts
manufacturer and supplier, Pricol, has setup its new factory on the outskirts
of Pune, in Phulgaon district. The new plant is spread across 6.58 acres of
land area and is expected to generate a revenue of nearly USD29.75 million in
coming years.
The newly established manufacturing
facility would cater to the demand for automotive components arising from
various vehicle segments, i.e. commercial vehicle, two-wheeler, tractors, etc.
Moreover, to penetrate into the domestic as well as export markets, the plant
has been deployed with the new technology pump in their manufacturing unit. The
plant is also expected to assist the telematics businesses and body control
modules in coming period.
“While India continues to emerge as a
global auto hub, one of the cities that has contributed towards this growth is
Pune. Pricol’s new Greenfield plant in Pune, will not only cater to the
requirement of the growing Indian market, but further strengthen our position
by serving as a key manufacturing unit for Pricol’s global operations,” said by
Vikram Mohan, MD of Pricol Limited.
As per TechSci Research, Pricol is among
other popular players, manufacturing automotive components within the Indian
market. By establishing a new production plant for automotive components in
Maharashtra, the company would able to penetrate the domestic market in an
efficient way. Besides that, the company is estimated to meet the escalating
demand for components, mainly generating from the OEM segment of the country in
following years.
According to a recent report published
by TechSci Research, “India
Automotive Components Market By Vehicle Type (PC, LCV, M & HCV,
2W, 3W & OTR), By Demand Category (OEM vs Replacement), By Component Type
(Engine Parts, Body & Chassis, Suspension & Brakes, etc.), Competition
Forecast and Opportunities, 2011 - 2021”, In 2015, India automotive industry contributed around 7%
to the country’s total GDP. As per Organisation Internationale des
Constructeurs d'Automobiles (OICA), motorization rate (includes passenger cars
and commercial vehicles) in India increased from 20 per 1,000 inhabitants in
2013 to 22 per 1,000 inhabitants in 2014. However, automotive components market
in the country witnessed a decline over the last couple of years, predominantly
on account of currency fluctuations that negatively affected the country’s
automotive industry. However, strong economic growth prospects, rising
disposable income and expanding automobile fleet are expected to drive demand
for automotive components in the country during the forecast period.