Ludhiana-based Bajaj Group of Industries said on Monday it plans to pump over Rs 50 crore (Rs 500 million) to set up new manufacturing facilities in Maharashtra, Uttaranchal and Ludhiana.
"We plan to invest more than Rs 50 crore for our expansion projects, which include setting up of new units in Nasik, Pantnagar and Ludhiana," Bajaj Group of Industries chairman and managing director S P Bajaj said on Monday.
The group, planning to complete its expansion projects within this fiscal, would fund the entire project either through an Initial Public Offer or strategic investment mode.
"We hope to achieve a turnover of Rs 250 crore (Rs 2.5 billion) within the next 3 to 4 years, as compared to the Rs 115 crore (Rs 1.15 billion) registered in 2005-06, he added.
Bajaj Group, manufacturer of machined components for two wheelers, would also invest Rs 12 crore (Rs 120 million) to set up a cold forging plant in Nasik for manufacturing fuel injection pumps.
The company has also signed a memorandum of understanding with auto component manufacturer MICOa for supplying its fuel injection pumps.
An investment of Rs 10 to 15 crore (Rs 100 to Rs 150 million) has been earmarked by the company to set up a manufacturing facility in Uttaranchal.
Moving towards backward integration, the group would manufacture forging with a cost of Rs 15 crore (Rs 150 million) at its facility here. It will also invest Rs 20 crore (Rs 200 million) for setting up another plant in Ludhiana for capacity enhancements.
The company supplies automotive components to Hero Honda Motors Limited, Bajaj Auto Limited, LML Limited, Kinetic Engineering Limited, Hero Motors Limited, Majestic Auto Ltd, Holland Tractors and Rockman cycles.
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