Now Reading: Spark Minda to invest Rs 11.66bn in two UP plants
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Spark Minda to invest Rs 11.66bn in two UP plants
Auto components maker Spark Minda will invest Rs 11.66bn in two new manufacturing units in the Yamuna Expressway Industrial Development Authority (YEIDA) region of Uttar Pradesh. The project is expected to create…
Auto components maker Spark Minda will invest Rs 11.66bn in two new manufacturing units in the Yamuna Expressway Industrial Development Authority (YEIDA) region of Uttar Pradesh. The project is expected to create about 6,440 jobs and will produce ignition switch-cum-steering locks, mechatronic components and connection systems. The facilities will expand the company's existing Gautam Buddh Nagar cluster, where it already runs plants in Noida and Greater Noida.
The group separately confirmed a new joint venture plant with Japan's Toyodenso for advanced automotive switches in Noida, due to begin operations in the fourth quarter of FY27. Earlier this week, Minda Corporation, the flagship firm, secured government approval to invest Rs 2.70bn in a Pune facility to manufacture TFT displays for cars. The investment aims to cut the company's reliance on imported displays and boost domestic production.
Indian Opinion Analysis
Spark Minda's twin investments signal a deeper commitment to the Noida-Greater Noida belt, already home to its core manufacturing. The 6,440 new jobs will be a boost for Uttar Pradesh's push for industrial employment under its 2022 investment policy. The Toyodenso JV targets the shift toward electronic steering locks in modern cars, while the Pune TFT display plant addresses a strategic gap: India imports nearly all auto-grade displays. The project's approval under the government's electronics manufacturing scheme makes it eligible for capital subsidies. Watch for the YEIDA land allotment timeline, which will determine if the plants meet the FY27 production start.
Watch for the YEIDA land allotment timeline, which will determine if the plants meet the FY27 production start.
Source: finance.yahoo.com
This story was synthesised by AI from the source linked above.
