Auto India, Car India

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International Automotive Components (IAC) group will be setting up new manufacturing plant at Chakan, near Pune. The IAC has purchased over 150K sq.ft of property at Chakan, there it will begin construction of new plant where auto components will be made for the companies such as VW and M&M.

IAC is now the third W L Ross company with a meaningful presence in India. We are delighted that we’ve been invited to India to supply Mahindra & Mahindra and Volkswagen. Pune is an ideal first location for IAC and we hope that future business opportunities will allow us to put factories in the two other major automotive centres as well.

- Mr. Wilbur Ross (Chairman, IAC Group) said.

This IAC’s plant will be set up at investment of approximately US $25 M. Various components like vehicle interiors, door assemblies, instrument panels, and different other automobile components will be created at this plant, for the passenger cars and the commercial vehicles as well. This facility is supposed to be completely ready by the 2009-end.

With this significant manufacturing operation, combined with our recently established local engineering and commercial operations in Pune, IAC will be strongly positioned to support the dramatic growth expected in the automobile market in this region over the coming decade.

- Mr. Jim Kamsickas (President and CEO, IAC Group North America and Asia) said.

Pune, one of the fastest growing automotive markets in Asia, is strategically close to many of our customers, which allows us to continue supporting their global growth needs.

- He added.

Earlier 2008, the IAC group also had established the engineering & administrative facility in the Pune. Globally, IAC earned profits of over US $5B in 2007. IAC has manufacturing facilities in 17-countries and employs around 28K people around world.