By: Satnam Singh
October 24, 2012
AURANGABAD, INDIA (Oct. 24, 2 p.m. ET) — The polymer division of Varroc Group of Aurangabad launched its eighth plastics plant, at Pithampur, India — at an investment of about $3.7 million.
The plant primarily will manufacture automotive components and subassemblies for two- and four-wheeled vehicles for Volvo Eicher Commercial Vehicles, as well customers in the central and western hub of India’s automotive industry.
“We are strongly committed to the company’s philosophy of being where the customer is,” said Tarang Jain, managing director of parent company Varroc Group, noting “the rapidly growing passenger car and light-commercial vehicle market in India,”
Varroc Polymers has seven other plants, in northern and western India, and is planning to establish a footprint in southern India. The Pithampur plant will become the 20th plant for parent Varroc Group and its 31st worldwide.
Varroc Group, with annual sales of $615 million, has been in business more than 20 years. It is working to develop its presence in interior and exterior trim modules such as instrument panels, door modules and console units for passenger cars and SUVs.