Auto component maker Rico Auto said that it has bagged an export order worth up to INR 70 crore annually to supply transmission to a global passenger car maker.

Mr Arvind Kapur MD of Rico Auto on the sidelines of the Automotive Component Manufacturers Association summit told reporters that "We have recently got an export order to supply transmissions to a global passenger car maker, which is also present in India. The order size is INR 50 crore to INR 70 crore for every year and we expect to continue this for 7 to 8 years.”

The company will supply both manual and automatic transmission and the shipment is likely to start from June 2012.

Mr Kapur said that "We have not decided on the plants where we will produce this transmission but we may use our Sanand unit.”

He added that the company will invest INR 30 crore to INR 40 crore in the next 2 to 3 years on the export project to augment capacity of its various plants.

On the domestic front, the company will invest INR 40 to INR 50 crore this financial year to expand capacity of its existing facilities.

When asked about the revenue, he said the company is expecting a turnover of INR 1,250 crore compared INR 1,015 crore last fiscal.

(Sourced from ET)