Noida, India-based auto component maker Motherson Sumi Systems consolidated net profit stood at $108.81 million in the quarter ending March 31, 2017, a better-than-expected 20 percent growth. Motherson Sumi’s net sales outside India rose over 14 percent to 94.76 billion rupees (GB Please convert to USD)
CFO of Motherson Sumi Systems, G. N. Gauba told Press Trust of India, “We have earmarked $300 million capex for the current fiscal. The investment will mainly go into the upcoming nine manufacturing plants across the world.” The company will set up three plants in India, three in Hungary, one each at South Korea, Mexico and the United States, he added.
Currently, the company operates over 180 facilities across the globe catering to various automobile OEMs including Mercedes- Benz, Audi, Toyota, Ford and Suzuki, reports the Economic Times. It has set a target of achieving a turnover of $18 billion by 2020 through global expansion.
