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Gestamp expects India to enter its top five markets within six years
Spanish automotive supplier Gestamp anticipates India will become one of its five largest markets worldwide within five to six years, driven by expanded manufacturing, R&D and technology investment. Executive chairman Francisco J Riberas told ETAuto that Gestamp's India revenue, about €240m ($275.4m) last year against global sales of around €11bn, could double over the next five years after rising roughly 80% in the past five, subject to winning new customer contracts. The company is investing Rs5.24bn ($54.6m) in a new plant in Gujarat, initially planned around one hot-stamping line but enlarged to a second phase after customer orders were received; the facility will house two hot-stamping lines plus laser and assembly operations, focusing on structural parts such as door rings for regional vehicle manufacturers. The Gujarat plant adds to Gestamp's existing Indian operations, a chassis parts factory in Pune and a joint venture with Aditya Auto Products in Maharashtra producing hinges, checks and latches. Riberas said Gestamp is also looking at partnerships and acquisitions as supplier consolidation remains a possibility, has secured several EV contracts in India including battery box supply under a powertrain-neutral strategy, and expects pure EVs to account for around 10% of India's vehicle output over the next five years.