Automobile components manufacturer JBM Group is reportedly planning to invest INR7bn ($118.77m) in automobile component business in India over the next two years.
The move is part of the company's plans increase its annual revenues from INR70bn ($1.18b) to INR 100bn ($4.69bn), while pursuing acquisition options across Europe and America.
According to the reports, the company has already invested INR2bn ($33.96m) in setting up two new plants in Bangalore and Indore, which are expected to begin operations in the next three months.
JBM Group executive director Nishant Arya was quoted by ET as saying that the investment will be funded with a combination of debt and funds from internal accruals.
"We hope to get a larger chunk of business from airport and city transport," Arya said.
"We expect the automotive industry to revive in the second half of the year."
Additionally, the manufacturer is planning to expand its range of buses with the launch of six-metre and 18-metre buses over the next five years.
Currently, the company offers 12m buses under its bus manufacturing joint venture formed in 2013 with Italian bus-maker BredaMenarinibus.
