JBM Group, auto components major, on Tuesday told they’d venture into a new business of bus manufacturing in India by next year.
Executive Director, Nishant Arya of the JBM Group told by this year’s end they’d be in alliance with a partner internationally (probably European) for venturing into bus business here in India. He told this at an event with ACMA (Automotive Component Manufacturers Association).
Arya says the alliance for bus manufacturing would most probably be with a European company. He told all the details pertaining to finance and other major plans would be decided only after its alliance with the desired firm.
Arya tells JBM plans an investment of Rs. 500 crores in its three components manufacturing companies namely JBM Auto Systems, Neel Metals and Jay Bharat Maruti (a Maruti Suzuki joint venture with JBM).
He told they would be investing Rs. 500 crores this year in plans of setting up plants in Pant Nagar, Sanand and Chennai and would be expanding their capacity at Gurgaon, Faridabad and Pune plants.
The expansion plans of JBM shows it aims to up their manufacturing capacity of components to 1,20,000 a day from the previous 1,00,000 a day.
JBM also has expectations to up its turnover to Rs. 6,500 crores this year from the earlier Rs. 4,500 crores in 2010 to 2011.