Our Approach to Value Creation

Business Model

Our Resources

Growth Strategy

Our strong financial recovery since the beginning of the pandemic along with the directions of the Board, has resulted in sustained growth which is backed by demand from domestic OEMs, replacement markets and exports. Banking on our core competencies and number of years in business, we look forward to delivering the best.

To be recognised as the industry leader, we are in process of transforming the way we work, the way we do business, and the way we provide value to all our stakeholders. The exercise encompasses Streamlining Structures and Processes, Work Simplification, Digitisation leading to Agility and Customer Centricity.

The automotive industry in India is the fourth largest in the world and is expected to expand at a 12.7% CAGR to reach US$ 512 Billion by 2026 after the testing times of the last few years. The Automotive Mission Plan 2016-26 (AMP 2026) of the Indian Government also envisages the same trend and expects the industry to grow 3.5-4 times its value with an average GDP growth rate of 5.8%. To keep up with this exponential growth, we are investing ₹ 91 Crores in establishing a lighting plant in Gujarat which is expected to be completed by September 2022. Moreover, our 4-wheeler Alloy Wheel capacity expansion of 60,000 and 30,000 wheels per month at Bawal and Gujarat plants, respectively, has a total capex outlay of ₹ 240 Crores and our 2-wheeler Alloy Wheel capacity expansion of 2 Million wheels per annum at the Supa plant has a capex outlay of ₹ 190 Crores. We are also incurring a capex of ₹ 81 Crores in setting up a blow moulding plant in Bengaluru as part of a Joint Venture with Minda Kyoraku Limited.

In recent years, we have also seen a rapid growth in emerging technologies such as Artificial Intelligence, Internet of Things and Machine Learning being leveraged to enhance product development, manufacturing, and delivery capabilities and the concept of mobility. One of the most prominent trends has been the electrification of vehicles to ensure emissions-free mobility as required under various emerging regulations all over the world. The Government of India has also launched the Faster Adoption and Manufacturing of Hybrid and EVs – II (FAME - II) scheme in 2019, aiming to promote EVs and fund related infrastructure development which has enabled us to take formative actions towards the development of EV components which includes brake pedal sensors, accelerator position sensor, EV battery temperature sensor, and vacuum sensor for brake system.

Another emerging digital trend is autonomous driving and connected cars, which, although in the early stages of adoption in India, have been expanding fast. Development of such type of vehicles and technologies in the country has been spearheaded by local manufacturers and one such example has been Minda Iconnect under Uno Minda Group, which has also won the 2020 Indian Commercial Vehicle Fleet Telematics Solutions Enabling Technology Leadership Award.

Last year, the Government of India launched ‘Production Linked Incentive (PLI) Scheme’ for the Automobile and Auto Component Industry in India to enhance India’s manufacturing capabilities with a budgetary outlay of ₹ 259.38 Billion (US$ 3.50 Billion) to boost domestic manufacturing capacity and attract investments to the automotive manufacturing value chain. It also intends to promote high-tech green manufacturing and aligns with our focus area of localisation. Minda Industries Limited was one of the approved applicants to be part of this scheme.

We are also taking steps towards a more socially and environmentally conscious future in alignment with emerging environmental compliances all over the world. Our vision which encompasses the whole organisation, identifies its intention in clear, concise terms.