Silver Basis, the $120 million Shenzhen stock exchange listed, one of the world’s top three automotive injection tooling companies, has entered India through a joint venture to manufacture plastic injection molds for the automotive industry.
The Chinese company has set up a joint venture with Faurecia, a leading automotive technology company and Kraftsman Tooling, a Pune-based injection mold making company with an investment of Rs 50 crore.
The new company is called Basis Mold India, in which Silver Basis has majority stake of 60 per cent and it will manage the company.
“This is the first facility of Silver Basis group manufacturing new tools outside China,” Ryan Huang, executive vice president at Silver Basis Technology Company said.
“Initially, we will invest over Rs 50 crore at our new factory in Pune and employ directly over 80 professionals at our facility,” he said, adding that jobs would be doubled 160 over the next three years.
Huang said the new company was targeting to clock a sales turnover of over Rs 70 crore over the next three years.
“India is one of the key markets for us to drive our growth and we are here for a long haul,” he said.
George Joseph, general manager at Basis Mold India said the new factory would be dedicated to manufacture medium and large size injection tools for the automotive market.
“The factory will produce over 60 units of top quality large size injection tools in the first year and expand to 120 units as per the market demand,” he said. He said while 50 per cent of products would be sold in the country, the balance would be exported. Each of these tooling units would weight about 15 tonnes and above.
Joseph said the automotive injection tooling market in India was growing between 10-12 per cent annually.