Auto component leader ANAND Group is investing Rs 600 crore this fiscal year to enhance its manufacturing capabilities, particularly in advanced technologies for electric vehicles (EVs) and sports utility vehicles (SUVs). This investment is part of the Group’s broader Rs 3,600 crore plan aimed at developing and manufacturing high-tech auto components by FY25.
Gabriel India, a key player within the Group, has secured a 35% market share in the SUV segment, which has seen rapid growth. Mahendra Goyal, ANAND Group’s CEO, shared that many of the Group’s companies now supply critical components for SUVs, such as high-end electronic power steering and stability control systems from Mando ANAND India. Additionally, Dana Anand is experiencing increased demand for drive shafts and axles, essential parts for SUVs, while MAHLE ANAND Thermal Systems focuses on e-compressors and PTC heaters for electric SUVs and other electric platforms.
SUV-related revenue now makes up 35% of the Group’s income, up from 20% just five years ago. The electric vehicle component segment contributes 6% of ANAND’s total revenues, covering both the electric two-wheeler and four-wheeler markets. Despite slow adoption of electric cars, Goyal remains optimistic, especially about electric two-wheelers, which he expects to grow faster than cars in India.
Goyal also expressed confidence in the overall automotive demand in India, noting that temporary market slowdowns were caused by factors like extreme weather and delayed monsoons. He anticipates a rebound in the festive season and continued strong demand during the wedding season in November.
In response to the industry’s shift towards electrification, ANAND Group has introduced several new products, including liquid management modules, battery pack components, and systems for fuel cells and electric vehicles, positioning itself for the future of mobility.
