Automotive parts and components manufacturer Ring Plus Aqua Ltd, a subsidiary of Raymond Ltd, announced the opening of its third manufacturing facility at Sinnar, Maharashtra.
The new plant will produce starter ring gears, transmission flex-plates and integral shaft water pump bearings, Ring Plus Aqua Ltd said.
Ring Plus Aqua has already two manufacturing facilities near the Sinnar Taluka Co-operative Industrial Estate (STICE) area.
Currently, Ring Plus Aqua Ltd employs 1,100 people from local communities in and around Sinnar, thus making it the biggest employer in the region. The new plant will create close to 200 employment opportunities, the Thane-based company stated.
Established in 1986, Ring Plus Aqua Ltd offers starter gears, water pump bearings, flex plates, sheet metal pulleys, and other machined components. It is a major supplier to automobile manufacturers including BMW, Ford, Maruti-Suzuki, Hyundai, Honda, Tata Motors, Mahindra & Mahindra, Cummins, VECV, Caterpillar and Fiat.
The new facility, built with an investment of Rs 45 crore, will have a capacity of 2 million ring bearings per annum. It will be further boosted to 8.2 million pieces of ring bearings per annum, stated Ring Plus Aqua.
“Under our strategy of expansion plan for manufacturing ring gears, this new facility with an investment of Rs 45 crores will add capacity to the present production line and further consolidate our position in the segments we serve”, said Gautam Hari Singhania, CMD, Raymond Ltd.
“This plant will help the business increase its global footprint by exploring new customers in the international and domestic market. Our focus is to develop specialised products for our customers to maintain edge over competitors and maintain a profitable growth in the long term through Research & Development, skill development and technology”, said Balasubramanian V, CEO, Ring Plus Aqua Ltd.
Headquartered in Mumbai, Raymond Ltd is the world’s largest integrated manufacturer of fabric.
Raymond has one of the largest exclusive retail networks in the country with over 1000 stores across 400 towns. The company also exports its products to over 55 countries including US, Canada, Europe, Japan and the Middle East.