CHENNAI: City-based automotive components maker Pricol Ltd, which unveiled a new brand identity on Wednesday, said it will invest about Rs 500 crore over the next few years. Besides, it also charted plans to double revenue to Rs 3,000 crore by 2020.
The company’s consolidated annual revenue stood at Rs 1,150 crore in FY15 and is likely to close the current fiscal with sales of about Rs 1,450 crore.
“India’s largest producer of speed governors and cabin tilt mechanisms for the commercial vehicle segment and among the top ten global manufacturers of automotive sensors, Pricol has set a target of doubling its consolidated revenue globally by 2020,” the company said.
According to Vikram Mohan, MD, Pricol, the company will focus on entering newer markets through acquisitions, tapping new product segments which would be achieved through a very strong focus on innovation with our growing team of over 275 global R&D engineers.
Meanwhile, the proposed investment, to be sourced from internal accruals, could be used for either making acquisitions or to set up facilities overseas.
Mohan added that the company was scouting for targets with an annual revenue of about Rs 250 crore to Rs 400 crore. These acquisitions will be aimed at improving customer access, geographic footprint or giving access to cutting-edge technology.
“Our new corporate identity showcases Pricol as an innovative, evolving global automotive component maker with a track record of 40 years of customer service with a passion to excel in every product and service that we provide,” Mohan said.