[KomS_CarLog]

Positive news in ET Auto today. :-

Magna International, North America's largest automotive parts supplier, has started two new greenfield facilities in Sanand to drive its future growth in India.

The $36-billion, Canada-based auto component major aims to use this base to more than double or triple its business in India to almost $450-500 million in the next 3-4 years.

The company on Wednesday inauguarted two facilities for its seating division - Magna Seating, which is part of Magna Automotive India Private Ltd, and Cosma International, which is part of the Magna Group

At one of the new Sanand facilities, Magna assembles and provides justin-time delivery of complete seat systems for Ford. The facility is spread over 215,000 sq ft.

The numbers reported in the report show an upbeat Indian market:-

While Ford, GM and other European customers are strong clients for Magna in India, the company is trying to make stronger inroads with the top two car makers — Maruti Suzuki and Hyundai.

The Indian operation of Magna is likely to close 2015 with around $130 million in turnover, which is more than double of $55-60 million it posted in 2014

Wow, double turnover in 1 year!