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MACHINIST - Argentum going ahead with the modernization of Daewoo facility

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Argentum going ahead with the modernization of Daewoo facility
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Written by Anand   
Saturday, 29 December 2007

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Argentum Motors after taking over the Daewoo Motors India unit recently is going ahead with the modernization plan by investing Rs.500 Crore in coming months to complete the process by mid 2009.

Argentum is in talks with Daimler-Hero joint venture to produce Daimler LCVs in this plant for the domestic and international market.  Argentum, promoted by Mr.BVR Subbu, ex chairman Hyundai Motors and Mr.Ajay Singh, Director of Spice Jet and Asish Deora of India online is also talking to other international auto companies like Volkswagen, Citroen, Peugeot and Renault for contract manufacturing. Contract manufacturing will have a cost advantage of 8 to 18% which is a big attraction to the highly competitive and cost sensitive automobile business.

According to Ajay Singh the target is to start production in 6 months time and to break even in about 12 months from then, by June 2008.

One of the most modern auto plants in India, this facility was built by Daewoo and has a capacity to produce 2 lakhs passenger cars and 4 lakhs transmissions and engines yearly. Built at a cost of Rs.3000 crores almost 10 years back, the facility was closed down in 2003 after the parent company, Daewoo of Korea, went bankrupt and most of its facilities were taken over by GM.
 
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