Chennai, Dec 2 (IANS): In order to set up additional capacities to meet the future demand, automotive ancillaries major Uno Minda Ltd is building land banks in different states, said a top company official.
The company has decided to go proactive, bitten by its bitter experience of not being able to get about five acre the required land adjacent to its plant in a state from the government.
"By 2030, the size of the two-wheeler industry will be about 30 million. We need land to set up additional capacities to cater to the future demand," said Nirmal K Minda, Chairman and Managing Director.
The company has nearly closed a deal to buy about 40 acres in Hosur in Tamil Nadu from private parties. The company has bought 86 acres in Pune in Maharashtra and is looking to acquire about 95-100 acres in North India, Sunil Bohra, Group Chief Financial Officer and CEO-Safety & Comfort System said.
"We are building a land bank for future expansion. All our plants are functioning at full capacity," Bohra said.
He also said the group is in the process of executing nine capital expenditure projects at a total outlay of about Rs 2,000 crore and the capex for this year will be about Rs 800 crore.
In the electric vehicle segment, Uno Minda will focus on the passenger vehicle segment going forward. Currently, the company caters to electric two-wheelers with various components.