With an aim to bank on the automobile boom in the sector, Spanish automotive metal component maker Gestamp Automocion has invested approx Rs 480 crore in a Greenfield plant.

Apart from the fact that it is the single largest Spanish investment in India with regards to establishing a Greenfield unit in the Indian market, the company is a vital component supplier to Volkswagen that makes full range of body for the company in white and metal components primarily for the Polo and Fabia, and is located within the 575 acre VW sprawl in the Chakan region.

Apart from the fact that it has seven plants in India, while four of them are with in partnership with Tata Motors TACO and this will be its first wholly-owned unit in the Indian market.

Gestamp Automocion CEO, Francisco Jose Riebras said that he believes that India will be in the top 5 automotive markets across the globe in the next 10-15 years.

Riebras also highlighted the fact that the company is very much interested in taking its interest beyond the automobile arena and is doing R&D for various other categories that are popular in the Indian market.