ZF, a German manufacturer of automotive parts, announced Tuesday that it will invest approximately EUR 200 million in strategic consolidation and growth to ensure its continued focus on India.The Refresh India strategy, which revolves around four core areas readapt. reinforce. retain. restructure, and supports the strategic positioning of the ZF brand in the country, was also mentioned.ZF is a global leader in chasis and driveline technology. ZF has been operating in India for over 50 years through eight entities, two wholly owned subsidiaries, five JV partners, five JV partners, 14 manufacturing locations, as well as a technology center in Hyderabad.Last year, the company announced that it had completed the acquisition of WABCO.WABCO is a global supplier primarily of pneumatic brake control systems, technologies, and services.It also provides fleet operators with fleet management tools and diagnostic tools, among other services.ZF will double its India focus through significant investments of approximately EUR 200 million, strategic consolidation of its business areas and renewed growth impetus over the next ten years, according to a press release.The ZF Group is adamant that the region has the potential for long-term growth, despite the dire situation surrounding COVID-19 in India.We are therefore launching a four-point refresh India strategy, stated Holger Klein, ZF Board Member responsible for Asia Pacific & India at ZF.The ZF Group is adamant that the region has the potential for long-term growth, despite the dire situation surrounding COVID-19 in India.He said that the plan includes a comprehensive plan to grow the business quickly in one of the most important automotive markets in the globe.He stated that we plan to invest approximately EUR 200 million over the next few years in order to support this growth through product launches and manufacturing footprint expansions.ZF is a preferred partner of choice and has a strong position in various technology solutions for automotive and non-automotive segments.The acquisition of WABCO in the commercial vehicle industry will increase our manufacturing and engineering capabilities, thereby increasing the vehicle's content.Klein stressed that we will continue to use India as a global source of sourcing in the next phase of our growth. This includes R&D, which focuses on software development, IT, and digital innovation.According to the company, it is well-positioned to shape future e-mobility in India through its global portfolio. It also announced that it has partnered with Mahindra Racing Formula E, which supplies silicon carbide-based power electronics and the electric motor.He said that this partnership opens up endless possibilities for the future introduction of advanced technologies in the region, provided they are tested under harsh conditions.ZF Group India's journey has changed significantly in the past few decades. According to the company, the updated brand identity will be represented in the new phase of its Refresh India four-point strategy growth areas.ZF intends to bring advanced technology solutions to the Indian market at a reasonable price, with a stronger emphasis on localisation and design-to-market-solutions.India will also become a global hub to meet worldwide needs in R&D, IT, digital innovation, manufacturing, and material sourcing.The company stated that significant progress has been made to utilize the Indian supplier base to supply child parts for various divisions. ZF also said that it will continue to exploit India's manufacturing capabilities by expanding its presence in India.It stated that the group will establish a new manufacturing plant in Chennai and plans to increase the use of existing facilities.ZF Group has sold its 49 percent shareholding in Brakes India, to comply with the Anti-Trust guidelines set forth by CCI. This was done following the acquisition of WABCO.ZF Group, which is a major stakeholder in WABCO India, is taking the necessary steps to ensure compliance with all regulatory guidelines.According to the release, the integration of WABCO in the ZF Group is progressing well and will be complete by the end of this year.The group also stated that it will continue to harness its innovation power in the region through investments in the overall development and training of its employees.
