Indian company Pricol, which makes components for automakers like General Motors and Volkswagen, plans to set up a plant in Vietnam next year as part of its global expansion plans, an Indian newspaper has reported.
The Vietnamese plant, whose feasibility study has begun, would help the company focus on Southeast Asian markets, The Hindu reported Thursday, citing Pricol's Vision 2020 statement.
In its efforts to become a leading global automotive solution providers in the next five years, Pricol plans to develop another unit in Mexico so it can gain a foothold in South America, the newspaper said.
The company, which has eight manufacturing units in India, Brazil and Indonesia, is also looking to acquire businesses in Europe or the US.
Pricol plans to earmark 500 crore rupees, or US$73.55 million, for the expansion plan.