Shares of UNO Minda Limited were trading 3% higher on 12 April after the company announced expansion plans worth Rs 542 crore for its alloy wheel plant.

In its regulatory filing, the company said that they have acquired a large land parcel in IMT Kharkhoda, Haryana and has begun the process for its upcoming greenfield alloy wheel plant with a capital outlay of Rs 542 crore.

This greenfield passenger vehicle alloy wheel plant will have a monthly capacity of around 1.2 lakh wheels per month and will be built in a phased manner over the next 5 years.

Recently, the company acquired a strategic land parcel of 94.32 acres at IMT Kharkhoda, Haryana HSIIDC, to support its current and future expansion plans.

In the last year, the company secured an 86 acre land parcel at Khed City Industrial Park in Pune, a recent acquisition of 37 acres in Hosur, Tamil Nadu, and this current acquisition of 94.32 acres at IMT Kharkhoda, Haryana; the company is also in talks to acquire a land parcel in Gujarat.

The company was established in 1958 as Minda Industries Limited and is a leading global manufacturer and supplier of proprietary automotive solutions and systems to original equipment manufacturers (OEMs) as Tier-1.

At 2:56 pm, the shares of UNO Minda were trading 0.25% higher at Rs 728.90 on NSE.