French parts manufacturer, Valeo has revealed plans to invest USD 100 million in the next 2-3 years in India based on many factors like the country’s growing middle class, availability of skilled engineering manpower and changes in the regulatory environment. According a report in The Economic Times, the French company is planning to hire more than 1000 production and software engineers from India to support its operations both within the country and overseas.
According to a statement made by Valeo’s chief executive, André Aschenbroich with the middle class growing at a fast pace, higher levels of disposable income and an expected increase in the value of automotive products due to a loosening of regulatory norms, the company expects the Indian automotive market to keep growing at a fast pace.
Aschenbroich has played a key role in the company’s adoption of innovative technologies to reduce carbon emissions and in taking a pro-active approach in emerging markets like India. He said that the company’s current revenue from China is about USD 1.8 billion and with renewed focus on India, the Indian market is expected to match this in the next ten years.
In the Indian market, given the extreme price sensitivity with regard to petrol and diesel and growing concern about pollution levels in cities, Valeo will be focusing on low-cost and high-end mild hybrid systems. The company already supplies its low-cost mild hybrid systems to leading auto manufacturers, Maruti Suzuki and Mahindra & Mahindra (M&M). Over the next 1-2 years, Valeo is planning to launch three new hybrid solutions which can help reduce emissions and save fuel by turning off the engine when the car is coasting, braking, or stopped, and restarting when required.
Hamid Moaref has always been fascinated by cars and the automotive industry. His family has a longstanding association with the industry and has been in the tire business for the past 35 years. Raised in Dubai, Hamid attended Capilano University in Vancouver where he graduated with a BBA in marketing before attending an intensive course in magazine publishing in 2005. He has been the publisher and chief editor of Tires & Parts magazine for the past ten years.
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