Automobile lighting systems maker Lumax Industries today said that it will invest Rs 150 crore to set up three new facilities and expand the capacity of its existing unit by next year.
“We are investing Rs 150 crore to set up three greenfield facilities and expanding the one existing unit by next year,” Lumax Industries Senior Executive Director, Mr Deepak Jain, told reporters on the sidelines of a summit organised by the Automotive Component Manufacturers Association (ACMA) here.
The company is setting up the new plants in Haryana, Karnataka and Gujarat.
Mr Jain said the company will also expand its existing facility in Maharashtra by the end of this year.
“With this expansion exercise and new facilities coming up, we will have another 2.5 million units capacity,” he said.
At present, the company’s annual production capacity is 4 million units.
When asked about the firm’s revenue outlook, he said: “Last year, we had a turnover of Rs 865 crore and this year, we are expecting a 20 per cent growth.”