Texspin to invest Rs. 95 cr to double capacity.

Gujarat-based auto component manufacturer Texspin Bearings and Automotive Systems (Texspin) is investing Rs. 95 crore towards setting up a new plant in Ranpur, around 100 km away from the newly-developing auto hub Sanand.

'The new facility is being built in an area of 27 acre and will go operational by the end of the year, with a capacity of 15 million units a year, which will double our total capacity to 30 million. This plant will produce our existing products as well some new products that we are going to introduce,' Bhupendra Kakwana, Chairman, Texspin, told ETAuto.com.

The auto parts maker, which had a turnover of Rs. 210 crore in the financial year 2012-13, expects to reach Rs. 500-crore sales revenue in the next three years. 'We hope to achieve this (Rs 500 cr) target as we are getting into a diversification and expansion mode. We are also looking at inorganic expansion,' said Vishal Makwana, Director, Business Development.

The company, which started manufacturing auto components in 1971, is now hopeful of better prospects as the OEMs are making their way to the western state of India, Gujarat.

ET