Titan Engineering & Automation will begin exploring the U.S. marketplace for E4Ws in 2024, mentioned CEO Neelakantan P. Sridhar
| Photo Credit: Special Arrangement
Titan Engineering and Automation Ltd., (TEAL) a completely owned subsidiary of Titan Co., has introduced a ₹430-crore expansion plan at Hosur, together with doubling the capability of turnkey automation traces for meeting and testing electrical automobiles.
“Currently, we are operating out of our own and leased premises spread over 1 lakh sq.ft. and 1.50 lakh sq.ft. respectively,” mentioned its CEO N.P. Sridhar throughout an interplay.
In India, TEAL manufactures turnkey automation traces for well-known E2Ws, whereas in Europe and Mexico for E4Ws. Annually, it produces 40-50 turnkey automation traces, most are customised as per the Original Equipment Manufacturers request.
To meet the rising demand, TEAL has bought 10 acre of land in Hosur that will allow them to enhance the ground area to 0.5 million sq. ft. and this might be carried out in two years. It entails complete funding of ₹110 crore together with land and constructing.
Asserting that they’re within the forefront of constructing meeting, automation and testing traces for EVs, he mentioned that fifty% of income comes from Europe and Mexico. In 2024, they’d be exploring the U.S. marketplace for E4Ws and parts.
“Currently, we are building the machines here and exporting to the Europe, Mexico and the US. In Munich, we have our own office, sales persons and engineering team. We will follow the same pattern in the U.S. and in this direction we have incorporated a subsidiary, TEAL Inc,” he mentioned.
According to him, TEAL ended FY23 with a income of ₹500 crore, of which automotive section accounted for 50% in that EVs accounted for 70%. Aerospace and defence, engineering, medical units, electronics, shopper merchandise and different segments accounted for the steadiness 50%.
Besides, TEAL can also be establishing a facility for making important parts for wafer fab tools business costing ₹200 crore and one other ₹120 crore for aerospace and defence manufacturing.
TEAL has acquired three acres of land for wafer fab manufacturing facility, which might enhance the manufacturing capability by almost tenfold in 5 years.
The total funding can be met by way of inside accruals and debt. It plans to add 1,400 folks in 5 years.
