Canadian auto parts maker Magna to open two new plants in India
TORONTO (Reuters) - Canadian auto parts maker and contract manufacturer Magna International Inc said on Tuesday it plans to open two new plants in the Indian state of Gujarat.
One of the facilities, measuring 215,000 square feet and employing some 200 people, will manufacture seat systems for an unnamed "leading automaker."
The second, at 365,000 square feet and 400 employees, will manufacture vehicle body and chassis for multiple customers, Magna said. Both sites are expected to start producing at volume in 2015.
Magna has several other facilities in India, and 1,600 employees. Once the new sites are open it will have 11 manufacturing facilities and four engineering centers in the country.
"With almost a million square feet of capacity now installed in India, we believe we are extremely well-positioned to support the increasing vehicle production forecast for the Indian automotive industry," said Jim Tobin, President of Magna Asia, in a release.
In a separate release on Tuesday, Magna and Indian conglomerate Tata Group's automotive supplier Tata AutoComp Systems Ltd said they had agreed to form a joint venture that would supply seat systems for Indian commercial vehicle makers. The venture is to be based in the state of Maharashtra.
(Reporting by Allison Martell; Editing by Chizu Nomiyama)
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