"With PCL as our majority investor, MFT is expanding its global footprint. It will allow us to get better access to the development departments of the German and European car manufacturers. This will enable us to actively shape the disruptive changes in the automotive industry and prepare ourselves for the challenges in the future development of the conventional powertrain and become part of the alternative drivetrain technologies. This also offers us and our employees a new vision for a successful future. We are excited to walk that way with PCL to take advantage of this opportunity and generate sustainable growth for the entire PCL Group," said Guido Glinski, MFT Managing Director. Glinski will continue to own 24% of the business and run the show at MFT.
Director and CFO, Ravindra Joshi said "With the acquisition of MEMCO complementing our growth plans, we now look forward to MFT contributing to the value add. The result of the current expansion phase both organic and inorganic will be mostly witnessed in the next financial year. Additionally, we would advise our investors to look at the full year financials as opposed to the quarter, since the figures from the Chinese joint ventures come in only at the year end at a net profit level."
"PCL has begun its journey towards global expansion by leveraging on its strong balance sheet to set a footprint in the vast European market. With the merged know-how in manufacturing, increased financial bandwidth from PCL and proximity to European customers, there lies a great potential to scale the business in Europe. Our focus remains to increase wallet share among existing customers of the acquired companies," said Karan Shah, PCL Business Development Executive.
In the recent past, PCL has won a global contract from General Motors with aggregate value of Rs. 580 crores over the lifetime and a global contract from Ford Motors with an aggregate value of Rs. 550 crores. Both programs are on track and will start serial production in FY18-19. In addition to this, PCL has been recently awarded with new contracts for fully machined camshafts from Ford, General Motors and Mahindra & Mahindra with aggregate value of Rs. 275 crores over lifetime.
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