Published On:April 12 2024
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"Uno Minda Acquires Extensive Land in IMT Kharkhoda, Commences Groundbreaking Ceremony for New Alloy Wheel Plant"

Uno Minda Limited, formerly known as Minda Industries Limited, a prominent global manufacturer and supplier of automotive solutions and systems to original equipment manufacturers (OEMs) as Tier 1, has achieved a significant milestone with the commencement of the groundbreaking ceremony for its forthcoming greenfield passenger vehicle alloy wheel plant. This state-of-the-art facility, boasting a capacity of 120,000 wheels per month, is set to be established at IMT Kharkhoda, Haryana.

The groundbreaking ceremony, attended by esteemed dignitaries including OEM customers, government officials, and Uno Minda's senior management, marks the initiation of this ambitious project. With a capital outlay of Rs 542 Crore, the plant will be constructed in phases over the next five years, with phase 1 expected to commence operations in Q2 FY26.

Uno Minda's recent acquisition of a strategic land parcel spanning 94.32 acres at IMT Kharkhoda, Haryana HSIIDC, has facilitated the company's expansion endeavors. Approximately 25 acres of this land have been earmarked for the greenfield alloy wheel plant. This proactive approach to land acquisition underscores Uno Minda's commitment to staying ahead in the dynamic Indian automotive landscape.

IMT Kharkhoda has emerged as a thriving industrial hub, attracting significant investments from leading passenger car OEMs and downstream units. Streamlined clearances offered by the authorities have further bolstered the region's appeal. The strategic location of IMT Kharkhoda provides logistical advantages to Uno Minda, facilitating sourcing and supply activities with suppliers and customers located within the Industrial Township and nearby areas.

Aligned with the growth prospects anticipated from OEMs' large capacity expansions, Uno Minda is strategically positioning itself for future growth. The company has been proactively acquiring land parcels in major auto hubs to meet the growing demand from OEMs. Recent acquisitions include land parcels in Khed City Industrial Park, Pune, Hosur, Tamil Nadu, and IMT Kharkhoda, Haryana, with plans underway for land acquisition in Gujarat.

This shift in Uno Minda's strategy, from buying pocket-sized land parcels to acquiring larger plots, offers multiple advantages. It enables quicker response to growth opportunities, minimizes delays associated with land acquisition, and facilitates the establishment of bigger plants for enhanced operational efficiency and economies of scale.

Mr. Nirmal K Minda, CMD, Uno Minda Group, expressed optimism about the industry's long-term prospects and reiterated the company's commitment to contributing to the "Aatmnirbhar Bharat" initiative through domestic manufacturing of cutting-edge technologies. He highlighted the strategic expansion plan involving the establishment of large-scale, technologically advanced megafactories and the consolidation of existing facilities for improved operational efficiency and economic optimization.

EQUITYBULLS





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