Indian auto industry is facing a historic slump but that does not deter companies to invest more in the country. Anand Automotive Systems, an automotive components and systems manufacturer, plans to invest Rs. 600 crores to set up its 13 plants in India.
"We have already set up three plants and have bought 45 acres of land in Chennai for setting up the new plants," said MS Sandhu, Group President (Infrastructure, Environment, Health and Safety).
Anand Group comprises of 18 companies in India with 44 manufacturing locations. Gabriel India is the flagship company of the group. The company is also facing tough market conditions in India and overseas but hopes that it will sail through the crisis owing to the domestic demand and its export orders. Despite the slowdown, the company plans to go ahead with its expansion plans as it has adequate internal resources. It plans to fund its projects with its internal accruals.
Auto component manufacturers are facing tough times in India and most of the component manufacturers and exporters are re-negotiating their contracts at new prices for their export orders.
