Bajaj Auto Limited would open assembly plants in Indonesia and Brazil in a bid to boost overseas presence even as it has lined up four launches in the next six months to drive further domestic growth, a top company official said in Bangalore.
The company's vice-president (finance), Sanjiv Bajaj told reporters that the Indonesian plant would be set up in the next nine to 12 months, and the Brazilian one within three years and they would cater to South East Asian and South American markets, respectively.
Both plants are expected to come up in collaboration with partners. While investment details are yet to be worked out, Bajaj indicated that it won't be a problem, noting that the company is sitting on a cash surplus of Rs 4,000 crore (Rs 40 billion).
The initiatives stem from a huge jump in the company's exports. A company source told PTI that Bajaj was planning to go to Pakistan in the next ten days to firm up plans to sell the company's range of motorcycles there in collaboration with a local partner, subject to government clearance.
From the level of 25,000-30,000 units four years ago, the Pune-based company exports would touch 150,000 units for 2003-04. Five years on, the company has set an annual export target of 500,000 units.
Bajaj said the company would close the year 2003-04 with the total sales of 15 lakh (1.5 million) units, including 150,000 from exports, and a gross turnover of Rs 6,000 crore (Rs 60 billion), including Rs 500 crore (Rs 5 billion) from exports, compared with 14.3 lakh (1.43 million) units and a little over Rs 5,000 crore (Rs 50 billion), respectively, in the previous fiscal.
Meanwhile, the auto major would launch an entry-level, economy motorcycle codenamed Super100 next month and an executive class bike codenamed K60 during July-August. In June-July, it would roll out New Chetak scooter, and gearless scooter Wave before September.