Dubai-based auto component major Parts International Company on Monday said it would invest approximately Rs 16 crore (Rs 160 million) in India over a period of three years, including setting up of a manufacturing facility, as it plans to make the country an export hub for Commonwealth of Independent States and SAARC region.
"We will initially invest about Rs 4.5 crore (Rs 45 million) to set up a manufacturing facility for two way alarm system 'Magicar' and will export parts to CIS and SAARC countries," technical director of Parts International R K Sharma told reporters at the Auto Expo in Delhi.
Sharma said the company planned to set up a second manufacturing unit in India "at a later stage for domestic sales and exports to existing OEM and after sales clients and to cater to new markets in Asia, for which the investments would be around Rs 12 crore (Rs 120 million)".
He said the company expected to start its second auto component unit in the next three years.
"With setting up of the first the unit we plan to cater to CIS and SAARC region," he said, adding initially the plant would produce about 100,000 units per months by March 2006, which would be doubled in the next three years time.
On the location of the unit, he said: "We are in talks with several state governments, including Himachal Pradesh and Haryana and plan to set up a facility where it gets tax and other benefits. But it would be near Delhi."
On the pricing of the product, he said: "Initially 'Magicar' will be priced at Rs 12,000 but once we start the manufacturing here it would definitely go down."
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