Gestamp Automocion invests Rs 480 crore in Chakan Plant
Gestamp Automocion, a Spanish metal components vendor for Volkswagen India, has invested heavily (around Rs 480 crore) on its Indian facilities at Chakan, about 30 kms from Pune. Currently, the Gestamp Automocion produces an array of metal components for Volkswagen groups premium hatchbacks in India like Volkswagen Polo and Skoda Fabia.
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Besides this, the Spanish company has 7 other joint ventures in the Indian market including four equal JV (joint venture) with Tata group's TACO (Tata AutoComp Systems Ltd). Among these JV's the major one is ASAL (Automotive Stampings and Assemblies) in which the Gestamp group holds 37.5 percent stake, with facilities in Chakan and Pune. The Group has a worth of Rs 3.5 billion euro with operations in many segments including the automotive component, steel service centres, renewable energy and the construction sectors.
According to Francisco Jose Riebras, Gestamp Automocion CEO, the company is already doing some R&D here for products made for the Indian market. But it could expand this to cater to the European and North American markets, too. Its plan is to grow in line with the Indian market because it believe India will be among the top five global automotive markets in 10-15 years.
Since its entry in the Indian auto component segment in year 2007, the Gestamp Automocion has grown considerably through JV's with many major Indian auto component players, including Taco and Sungwoo (an auto-comp company which has collaboration with Hyundai).
Read More on : Volkswagen Polo 2013
