Marks an Investment of approximately 10 million USD for the company in the first phase
Queretaro, Mexico, 03rd April 2017: Global Automotive Component manufacturer ‘Spark Minda, Ashok Minda Group’ today announced the inauguration of its new manufacturing plant located at Queretaro Industrial Park, Mexico. The new facility Minda KTSN Plastic Solutions Mexico, S. de R.L. de C.V. is a part of Minda KTSN Plastic Solutions, Germany (“Minda KTSN”) which was established in 2007 to oversee the European operations.
The green-field plant at Mexico specializes in manufacturing of Interior automotive components such as Glove Box, I Panel Parts etc for our esteemed Customer Volkswagen Group.
The new facility at Queretaro which is Minda KTSN’s 5th unit has a total area of 8500 Sq.mtrs with manpower strength of around 130 employees. The plant has an additional 5000 sq meters space in the similar premises for further growth and is targeting annual sales of 450 Mio Pesos (USD 24 Mio) from 2017-18 onwards.
Mr. Ashok Minda, Chairman & Group CEO, Spark Minda, Ashok Minda Group said, “Our presence in Europe goes back to 2007 when Minda KTSN Plastic Solutions was acquired to oversee the European operations. The support we have received from all the stakeholders in Europe has encouraged us to start manufacturing facility in North American Region. The new manufacturing facility at Queretaro, Mexico, marks a significant milestone in the history of Spark Minda, Ashok Minda Group. This investment shows the clear commitment of our Group to the expansion of our activities here in the region.”
Mr. N.K Taneja, Group Chief Marketing Officer, Spark Minda, Ashok Minda Group “The new facility has been set up with intent to serve our customers through our advanced technologies and services. This will also further strengthen our strategic presence as we reach out to OEs to supply quality automotive components and also offer state of art & future technological solutions to our esteemed customers in whole continent. We endeavour to give our Customers the best of our services in the future as we always have been doing.”
Mr. Vinayak Hegde, CEO, Minda KTSN said, “Minda KTSN is proud to share the moment of opening of its new manufacturing facility at Queretaro, Mexico. Queretaro today has emerged as a leading strategic commercial hub in the region, with world-class infrastructure and a highly competitive business environment. Our new facility will enable us to meet the fast-growing demand we anticipate in this region, even opening opportunities for us to export. The project has not only been completed on schedule – but also met all customer requirements. It has met the targets, using the best industry practices, in an environmentally friendly and socially responsible manner.”
Minda KTSN Plastic Solutions, Germany is a wholly owned subsidiary of Minda Corporation Limited (a flagship company of Spark Minda, Ashok Minda Group, India and listed on Indian Stock Exchanges), produces high quality Interior products such as Glove box, I Panel Parts, Storage boxes, Cup holders, Steering column covers, Oil panel, Cylinder heads and Structure parts for VW Group, BMW, Daimler, as main customers. Minda KTSN in Europe has state of the art of Injection moulding, automated assemblies, and internal tool manufacturing facilities.
Spark Minda, Ashok Minda Group’s legacy goes back to 1958 when the first operation was set up in India. Today, 60 years later, Spark Minda has 36 manufacturing facilities world-wide, and provides direct employment to approximately 16,000 people and indirect employment to several thousands more. Over the past few years, Spark Minda, Ashok Minda Group has done strategic acquisitions in Germany & Poland along with green-field project in Indonesia, Vietnam, Uzbekistan, Czech Republic and now in Queretaro, Mexico.
We have also made fruitful and successful relationships with the best of the automotive industry players around the world in the domain of designing and manufacturing namely; Stoneridge of USA, VAST of USA, SBHAP of China, SILCA of Italy, Furukawa of Japan & UzAvto of Uzbekistan as our JV Partners. We are privileged to serve global players such as VW Group, BMW, Daimler, Ford, Nissan and so on. In India, our prestigious customer names include the leading OEM’s such as TATA Motors, Mahindra, Ashok Leyland, Honda, Renault Nissan, Maruti Suzuki, Bajaj, Yamaha, TVS etc. Our growth oriented initiatives and relationship with some of the most reputed OEM manufacturers have enabled us to report strong growth over the year.