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The Wind Of HiTech Gears Gliding West
The auto industry is on the vertical index as of now- at 30 percent- forcing the component suppliers to be geared for meeting the demand. HiTech Gears is on the verge of investing Rs 150 crore to expand its activities by installing two new facilities in the next three years.
In the meantime, the company is setting up its 6th facility at Rajasthan before the end of this fiscal. The company intends to secure a safe position in the transmission sector by establishing its deal with GM, Caterpillar and Cummins, in addition to the local players like Tata Cummins, New Holland and Hero Honda.
The company"s Chairman revealed the strategy behind this sweepstake towards the US and Europe markets. The fresh move is made in a better dearth following the failure some two years ago in the US market when there was an eruption of economic downfall. The company sees a reversal trend now which enables companies like HiTech to penetrate the vacuum filled by the indigenous concerns in those countries. He said that the company has been receiving 20-25percent deal from the US market to the tune of Rs 370 crore.
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