Indian subsidiary of Denmark-based company hopes to ride auto industry’s trajectory
With India’s passenger vehicle sales touching a record high of 3.3 million units, auto component maker Meneta India is eyeing a growth of around 10 to 12 percent by 2019.
“At Meneta we produce mandatory parts and friction components for vehicles. The auto industry in FY19 is slated for an 8 to 10 percent growth in passenger vehicles and in cars by 8 to 9 percent in the domestic market. Riding this growth, we expect a company growth of around 12 percent next year,” said Sanjay Jain, CFO, Meneta India.
According to the Society of Indian Automobile Manufacturers (SIAM), commercial vehicles are pitted to continue their growth momentum at 10-12 percent, with medium and heavy commercial vehicles (M&HCVs) up by 9-11 percent and light commercial vehicles (LCVs) growing at 1012 percent.
Passenger vehicles sales in India witnessed a 7.89 percent growth in FY18, according to the data released by SIAM, domestic passenger vehicles (PV) sales were at 32,87,965 units, beating the previous best of 30,47,582 units posted in 2016-17.
This story is from the June 2018 edition of Steel Insights.
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This story is from the June 2018 edition of Steel Insights.
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