International Tier 1 automotive firm Visteon is planning its subsequent spherical of investments for the Indian market. The corporate is planning to take a position round USD 20 million to localise backlight manufacturing in India.
Talking to TOI, Sachin Lawande, president & CEO, Visteon Company stated: “Presently we’re planning for backlight manufacturing localisation in India and we are going to most likely want about USD 20 million funding for that. This undertaking might be determined and commissioned this 12 months and we’re within the means of determining whether or not it ought to be in Chennai or elsewhere as a result of we most likely must spend money on a second manufacturing base,” he added.
The brand new facility is a part of Visteon’s total plans for the Indian market, significantly within the cockpit electronics phase. “India goes to be our first market the place we’re investing in vertical integration of show manufacturing,” stated Lawande. “Our plan is to make extra show content material in India.”
To that finish, the corporate has already invested USD 20 million to arrange 5 manufacturing strains in its Chennai plant with a capability of over 1.5 million shows in a 12 months. “The primary two strains are already producing and the opposite three will begin manufacturing by the 12 months finish,” stated Lawande.
For the brand new manufacturing unit, the corporate is varied potential websites. “Chennai and Chakan are choices,” stated Lawande. “We’ve been happy with our Chennai plant’s efficiency however the query is of house however we’re hopeful we can begin right here in Chennai with this new funding,” he added.
India, he added, is on “everyone’s radar as one of many quickest rising auto markets”. Though at 4 million items (passenger automobiles) a 12 months, it’s nonetheless lower than 5% of the worldwide market. “Our investments in India are targeted on future potential as a result of in 10 years India might be a 7 million to eight million unit passenger automobile market by which era round 30% of the Indian passenger car market might be electrical,” he stated. That’s when Visteon’s electrical powertrain enterprise will acquire actual traction in India however until then its focus might be on cockpit electronics.
Aside from automotives, Visteon can be to be a part of the vitality storage market in India. “We’re mobility not simply of individuals but additionally of vitality,” stated Lawande. “Finally auto OEMs making EVs might be in that enterprise as fleet turns into a battery storage answer when the automobile is idling within the parking zone discharging additional vitality into the grid,” he defined.
