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Advantec Wheels invests Rs 100 cr in premium alloy wheels venture
Industry News- Dec 18,23
The company is in the process of setting up a state-of-the-art manufacturing facility in Jammu & Kashmir, Northern India.
Advantec Wheels, a premium aftermarket alloy wheels brand based in New Delhi, is embarking on a mission to establish itself in the Indian market with its unique flow-forged products offering extensive customisation options. The company intends to invest Rs 100 crore in the business, with commercialisation expected to commence in April 2024.
The company is in the process of setting up a state-of-the-art manufacturing facility in Jammu & Kashmir, Northern India. The commissioning of this plant, with a capacity of 200,000 units per annum, is scheduled for Q1 FY2025. Advantec Wheels has already committed approximately 60 percent of its planned capital expenditure to the project, and the remaining funds will be infused as the business matures. The project has been funded entirely through bank debt.
Advantec Wheels aims to carve a distinctive niche in the Indian aftermarket, capitalising on the growing demand for aesthetic accessories like alloy wheels as consumers gravitate towards larger and more premium vehicles.
Jasneet Singh, Founder-Director of Advantec Wheels, stated, "We aim to cater to young car buyers and automotive enthusiasts with our premium range of products that will focus on an extra dimension of personalisation beyond our key focus areas of following a core design philosophy and quality-oriented process."
The company plans to offer a palette of up to 25 paint finishes, emphasising paint finishing technology to achieve the desired aesthetic. Initially limiting their designs to three options in sizes ranging from 16 to 22 inches, Advantec Wheels aims to eliminate confusion and maximise personalisation options for customers.
The upcoming manufacturing plant will be equipped with in-house foundry, machining, and painting shops. Advantec Wheels aims to achieve up to 50% capacity utilisation within the next couple of years. The company targets sales volumes of around 90,000 wheels and anticipates revenues of Rs 25 crore in the first year.
Pricing its products at around Rs 40,000 for a set of four flow-forged alloy wheels, Advantec Wheels aims to offer a more affordable option compared to similar products from global brands imported into India, with a 30-40% cost advantage. Jasneet Singh emphasised, "We aim to create a new brand and target a niche set of customers with a relatively affordable price tag."
Source: Autocarpro.in
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