The commercial vehicle business comprising of medium and heavy vehicles was growing at a fast rate in India because of the peculiar model in the country, using trucks with two axles in the front. Therefore, the component business has got a boost, said Baba Kalyani, Chairman and Managing Director of Bharat Forge.

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Kalyani said, "All business verticals were growing well and saw huge opportunities in defence and oil as well as gas business."

Growth engines got a boost after January Index of Industrial Production (IIP) rose higher than expected at 7.5 percent. It was the third successive month of 7 percent plus IIP growth in India.

Kalyani said that manufactures saw a huge bump-up in demand and this strong demand has been more than planned and so there would be a need for capacity expansion.

"The heavy commercial vehicles and medium and heavy commercial vehicles have seen 20-30 percent growth on a sequential basis", he said.

The passenger car business of the company has also been gaining, both globally as well as domestically. The volume is expected to go from 3 million to 7 million by 2027.

First Published:Mar 15, 2018 9:21 AM IST