By IANS,
New Delhi : Automobile lighting component manufacturer Lumax Industries Tuesday said that it will invest about Rs.150 crore to set up three new facilities by next year.
“We are investing Rs.150 crore in setting up three manufacturing facilities in Haryana, Karnataka and Gujarat. All three would be greenfield projects,” Deepak Jain, senior executive director, told reporters on the sidelines of an Automotive Component Manufacturers Association’s (ACMA) event here.
According to Jain, the investments will also go in expanding capacity of its brownfield project in Maharashtra.
“We will also expand capacity in our Maharashtra plant by year end,” he said.
Jain added that the capacity expansion plans envisage addition of 2.5 million units to its annual capacity of four million units per annum.
The company expects a year-on-year growth of 20 percent in its turnover for the current fiscal.
“We expect a 20 percent growth in our turnover. Last year we had achieved a turnover of Rs.865 crore,” Jain added.