Magneti Marelli aims high for Indian market

Magneti Marelli, a Fiat group owned auto-component maker is aiming to enhance its revenue to Rs 2,000 crore by year 2015, through its Indian operations. The company is expecting that the Indian auto market will grow faster as compared to its counterparts around the world.

India will continue to grow higher than the global markets. Company's target is to increase Indian sales to 5 per cent of the total expected global sales of 7 billion euro (about Rs 40,000 crore) by 2015, as per a statement given by company's Chief Executive Officer (After-market Parts & Services) Dino Maggioni to a leading news agency. He added that, by that time, India will be just behind the company's Chinese operations, which is expected to contribute 6-7 per cent of its total sales.

Mr Maggioni added that the Indian operations contributed about Rs 230 crore to the company's total revenue from the global market which stood at Rs 25,600 crore, last year. According to him, India is a very strategic market for the Italian firm and it expects to double its sales in the country by year 2010. He further elaborated that the company is very strong in Europe and Latin America, which is the reason why it has plants there. In India the company works in a joint venture model with other partners and it is good for the country. He added  that the firm doesn't have any plan to set up its own unit here.

The Italian auto-component giant currently has seven production facilities in India which includes its joint venture facilities with major Indian auto makers like Maruti Suzuki, Tata Motors and Sumi Motherson Group. The company deals in both manufacturing specific and after-market auto components .