Amara Raja group subsidiary Mangal Industries that is focused on design and manufacturing of auto components, warehouse storage solutions, metal fabrication, battery components, custom fabrication and toolworks plans to invest ₹300-₹400 crore in expansion projects over the next five years.
At the heart is a growing demand in domestic market for its products and potential to enhance exports, Mangal Industries Director Harshavardhana Gourineni said during a media interaction here on Tuesday. Besides sharpening focus on exports, to increase the share in revenue from 10-15% now to 20% this fiscal, the company intends to begin catering to aerospace, defence and medical devices segments.
“We also have strong plans to leverage and integrate digital technologies like IoT, Blockchain, AI and ML into our core offerings to provide path-breaking products and services to our partners,” he said, adding that the company’s customers are automotive, consumer goods, power and energy, e-commerce and retail, logistics, process engineering, railway and metro, elevators and telecom firms.
To queries, Mr. Gourineni said Telangana will be among States the company will evaluate for greenfield projects. He, however, did not share specifics of the expansion. Mangal Industries employs around 3,000 people across nine manufacturing facilities, almost all of which are in Andhra Pradesh.
In a release, the company said it clocked ₹1,400 crore revenue in 2021-22 as against ₹950 crore in the previous fiscal. It is aiming ₹3,000 crore by 2025.
