German manufacturing company, ZF, is consolidating its business in India to drive growth over the next decade.
The ZF Group, according to Dr Holger Klein, ZF Member of the Board responsible for Asia Pacific and India, believes there is long-term growth potential in the region which is why the business is launching a four-point strategy, Refresh India.
ZF is investing €200 million to aid growth through product launches, manufacturing, footprint expansions, hiring and other developments.
Via its global portfolio, ZF is poised to shape the future of e-mobility and next-gen tech in the Indian market.
ZF is partnering with Mahindra Racing for Formula E supplying silicon carbide-based power electronics alongside the electric motor and transmission. This partnership is reported to herald endless possibilities for future introduction of such advanced technologies in the region as these technologies get tested under the harshest conditions.
In the commercial vehicle space, the acquisition of WABCO bolsters ZF’s manufacturing and engineering capabilities to increase the content per vehicle. In this next phase of growth, the business will also continue to leverage India as a global sourcing hub across four areas: R&D majorly focusing on software development, IT & Digital Innovation, Manufacturing and Material Sourcing, Dr Klein emphasises.
Refresh India focuses on four key areas: Readapt, the introduction of advanced global tech solutions at an affordable value for the Indian market; Reinforce, the establishment of a global R&D hub, a new manufacturing facility in Chennai along with plans to increase utilisation in other facilities; Retain, investing in the development of its people; and Restructure, integrating WABCO into the ZF Group. To meet the Anti-Trust guidelines of CCI, post the acquisition of WABCO, ZF Group divested its shareholding interest of 49 per cent in Brakes India.