NEW DELHI: German auto component maker ZF said on Tuesday that it would invest 200 million euros into its India operations over the next five years to hasten growth. The company will set up a new manufacturing facility in Chennai and increase the utilization of its other facilities in India, it added.
“Despite the current severe situation, the ZF Group strongly believes in the long-term growth potential of the region. Therefore, we are launching a Refresh India four-point strategy. This includes an intensive plan to rapidly grow our business in one of the largest automotive markets in the world,” said Holger Klein,
Member of ZF’s Board responsible for Asia Pacific and India, “We plan to invest around 200 million euros in the next few years to aid this growth through product launches, manufacturing and engineering footprint expansions, hiring and other developments across all business domains.”
This development comes days after the ZF Group divested its shareholding of 49 per cent in Brakes India to meet the Anti-Trust guidelines set by the Competition Commission of India, post the takeover of CV component maker WABCO.