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"SMR has received the Euro 200 million contract from two European car makers and the contract would be for a period of 5-7 years starting from 2011," Samvardhana Mother Group Chairman Vivek Sehgal told reporters here. Samvardhana Motherson Reflectec (SMR) will start supplies for the new orders from 2011 and will invest up to Euro 40 million (Rs 280 crore) for setting up two new plants and expanding an existing unit in order to fulfill the contract. "An investment of Euro 35-40 million (has been earmarked) for fulfilling the project," he said. Sehgal said one of the new plants will be set up in South Africa but the location for the second one is yet to be finalised, while its existing plant in Hungary will be expanded. "The investment will mainly come from SMR's internal accrual," he said. The latest order is the second big contract received by SMR in last two months after a Euro 500 million (Rs 3,500 crore) contract for supply of rear view mirrors from major European carmakers like Volkswagen and BMW in August. (PTI) bl For full details for MRSMF click here.
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