Titan Engineering and Automation Ltd., (TEAL) a wholly owned subsidiary of Titan Co., has announced a ₹430-crore expansion plan at Hosur, including doubling the capacity of turnkey automation lines for assembly and testing electric vehicles.
“Currently, we are operating out of our own and leased premises spread over 1 lakh sq.ft. and 1.50 lakh sq.ft. respectively,” said its CEO N.P. Sridhar during an interaction.
In India, TEAL manufactures turnkey automation lines for well-known E2Ws, while in Europe and Mexico for E4Ws. Annually, it produces 40-50 turnkey automation lines, most are customised as per the Original Equipment Manufacturers request.
To meet the growing demand, TEAL has purchased 10 acre of land in Hosur that would enable them to increase the floor space to 0.5 million sq. ft. and this would be done in two years. It entails total investment of ₹110 crore including land and building.
Asserting that they are in the forefront of building assembly, automation and testing lines for EVs, he said that 50% of revenue comes from Europe and Mexico. In 2024, they would be exploring the U.S. market for E4Ws and components.
“Currently, we are building the machines here and exporting to the Europe, Mexico and the US. In Munich, we have our own office, sales persons and engineering team. We will follow the same pattern in the U.S. and in this direction we have incorporated a subsidiary, TEAL Inc,” he said.
According to him, TEAL ended FY23 with a revenue of ₹500 crore, of which automotive segment accounted for 50% in that EVs accounted for 70%. Aerospace and defence, engineering, medical devices, electronics, consumer products and other segments accounted for the balance 50%.
Besides, TEAL is also setting up a facility for making critical components for wafer fab equipment industry costing ₹200 crore and another ₹120 crore for aerospace and defence production.
TEAL has acquired three acres of land for wafer fab manufacturing facility, which would increase the production capacity by nearly tenfold in five years.
The entire funding will be met through internal accruals and debt. It plans to add 1,400 people in five years.
