As part of its Refresh India strategy plan, ₹38-billion ZF Group plans to double its component sourcing from India to ₹2 billion as part of its China-plus strategy to ensure reliable supplies. Besides boosting exports, the expanding Indian market will help ZF quadruple its local revenues to ₹3 billion by the end of the decade, making it among the fastest growing markets for ZF, Holger Klein, member of the board of management, and head of India and Asia Pacific region, ZF, told ET.
Klein said, India has a lot of tailwind, “much deserved” after the crisis for a couple of years. “Everybody is back, energy is high, people are trying to catch up with what they missed over the last few years and it is quite visible in the business too,” Klein said.
“India will become the most dynamic economy in the world – in terms of GDP growth – and ZF has all enablers in place to participate in this growth.”
Having a presence in the country for close to six decades, the presence of ZF was “very fragmented,” said Klein, hence India was carved out as an independent region a few years ago to the local management to take quick decisions and the results are quite visible under the ‘One ZF approach’.
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