Pricol targets Rs 3,000 Cr revenue by 2020; to invest Rs 500 Cr
Pricol, Coimbatore headquartered component maker has earmarked Rs 500 crore for acquiring plants in overseas. The component maker aims to focus on entering new markets through acquisitions for tapping new product segments. The company would invest around Rs 500 crore in acquisitions, mainly in Europe and the US, and plans to set up facilities in Vietnam and Mexico. Pricol is also targeting the Rs 3,000 crore revenue mark by 2020 as it is focusing more on the global market with manufacturing facilities in the ASEAN region and South America. The company which is expected to close the FY2015-16 with revenues of Rs 1,450 crore, growth of over 20% comparing the previous year. At present Pricol has 8 manufacturing units in I ndia, I ndonesia and Brazil and 7 international offices with nearly 5,100 employees. In I ndia, Pricol is setting up its all-new plant in Pune, which will go on stream by May 2016. The company plans to manufacture the existing range of products across segments in the new facilit y.
I n order to look fresh, the 40-yearold company unveiled its new brand identity recently in Chennai. The company ’s Managing Director, Vik ram Mohan said, “We plan to focus on entering new markets through acquisitions, tapping new product segments. We would be investing around Rs 500 crore for acquisitions, mainly in Germany and in the US, and plans to set up facilities in Vietnam and Mexico till 2020. As we are stepping into new markets, we felt it is relevant to create a new brand identity. This reflects our aspiration and vision and our global outlook as we are no more playing in just the Indian market but the global marketplace.”
Pricol being a market leader globally for most of the products, it ranks second-largest manufacturer of driver information systems (DIS) in the world’s for two-wheelers. I n I ndia, it is the largest manufacturer of automotive pumps for the twowheelers, world’s four th-largest manufacturer of instrument clusters for tractor and off-highway vehicles and largest manufacturer of telematics solutions for the tractors and off-highway vehicle segments in I ndia.
As part of its global expansion plans, Pricol acquired Melling do Brasil, an automotive powertrain manufacturing company, in January 2015 and renamed it Pricol do Brasil. The company, which caters to domestic and overseas customers with its integrated manufacturing capabilities, helps Pricol to enter into four-wheel powertrain product segments globally. Pricol manufactures a varied range of products including driver information system and sensors, pumps and mechanical products, telematics, body control and security solutions and asset management solutions for passenger cars, two-wheelers, CV, tractors and also for the off-highway market.