ANAND Group Funds Rs 600 crore For EV and SUV component manufacturing

ANAND Group, a significant player in the automotive components industry, plans to invest Rs 600 crore this fiscal year to enhance its capacities, particularly in introducing cutting-edge technologies to the Indian market for electric vehicles and SUVs.

The investment set aside for this fiscal year is a portion of the Rs 3600 crore allocated by the $ 3 billion Group to strengthen its abilities in creating and producing advanced automotive components within a five-year period until FY25.

Gabriel India, the listed arm, has a market share of 35% in this high-growth segment, compared to its overall market share of 23% in the PV space. Mahendra Goyal, ANAND Chief Executive Officer, told ET, “Most of our Group companies today are supplying components for SUVs, sales of which have grown rapidly in the last few years. We are supplying high-end electronic power steering systems and electronic stability control systems for braking from Mando ANAND India for SUVs, and all types of shock absorbers for SUVs through Gabriel.”

Dana Anand is noticing a rise in sales of drive shafts and axles, mainly utilized in SUVs. He added that MAHLE ANAND Thermal Systems is currently providing e-compressors and PTC heaters tailored for the latest models of e-SUVs and other electronic platforms.

Goyal added that now, up to 35% of ANAND's revenues are coming from SUVs, compared to 20% five years ago. The company also generates approximately 6% of its income from manufacturing parts for electric vehicles, catering to both the four-wheeler and two-wheeler markets.