Leading fasteners suppliers manufacturer expects the electric vehicle (EV) business to account for about 15 per cent of its portfolio over the next 3-4 years. The company is forecasting an increase from 3 per cent now, with a strong pick up in its EV Fasteners orders with Indian OEMs (original equipment manufacturers) implementing the China Plus One strategy on the back of growing momentum for EVs in India.
"Our EV business is starting to look good with a surge in orders from India Electric vehicle OEMs. The China Plus One factor is also playing in this," Soni Pravin, Managing Director of , told ANI. The company has signed a few new contracts with Electric Vehicle Charging Station and battery makers in India and Europe. They are also in discussion with a few more to supply Stainless Steel and other alloy fastener parts for their upcoming new launches.
Talking about the growth and the recovery, Soni said, "We expect the auto industry to perform better once the second dose of vaccination is over. We are seeing strong double-digit growth on the commercial vehicles side due to the low base."
The role of fasteners around EVs is significant; not only are fasteners a necessary component in the vehicles themselves but also charging units, EV battery casings and general infrastructure equipment all require high-quality fastenings to provide robust and secure settings for this valuable technology.
The growing consumer demand for EVs, coupled with the rapid development of EV and battery technology, has enabled Kotadia Inc to combine its extensive fastener product range and breadth of knowledge into the ideal package to support and contribute to these groundbreaking sectors.
The company stated it is betting big on electric vehicles in the domestic market in two-wheelers and three-wheelers and has already started supplying to India and Europe.
Soni further added that the Company is focusing on non-auto segments such as the solar sector, furniture industry, FRP (fibre reinforced polymer) segment, windmill, aerospace, electronic-electrical industries, medical and healthcare equipment industry, oil and gas pipeline industries and defence sectors. Further, the company also wants to increase its sales from 32 per cent now to 50 per cent per annum.
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( With inputs from ANI )
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