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Home arrow News arrow Auto component arrow Gates Corp. to invest US$ 20m over next 2 years in India to expand capacity
Gates Corp. to invest US$ 20m over next 2 years in India to expand capacity Print E-mail
Written by Vivek   
Friday, 12 August 2011
New Delhi: Gates Corporation, USA, a manufacturer of automotive and industrial products, will invest $20 million (Rs 90 crore approx.) in the next two years to expand it's capacity in India.

It will increase capacity of its manufacturing plants at Chennai and Chandigarh for belts and hoses respectively. The company has two other smaller plants in Pune and Faridabad for hose assemblies. The company currently employs 1,200 people in India. It will hire around 500 people more as a part of the expansion plans.

The company expects to double revenues in India to touch $200 million by 2014-15.

Gates is currently selling Belts, Hoses, Couplings, QRC, Tensioners, Hose protection products, Valves and Clamps for the automotive, construction, oil and gas, and general engineering segments. The company will soon launch oil pumps, tube fittings and dry disconnect couplings.

Gates Corporation' Indian arm will also begin servicing requirements of oil and gas sector in India. So far the sector was serviced from its Middle East operations. The company's Delhi office will host its IT support centre and back-end operations for transactions.

The company has so far invested $60 million in India.

 
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