Hero Group company Rockman Industries is looking to expand its carbon composites business by increasing penetration in global markets, especially in the US and Europe.
In line with its strategy, the auto component maker today said its composites subsidiary, Moldex, has opened its first office outside India at Silverstone, the home of Formula One in the UK.
"The new office will focus on expanding the carbon composites business by increasing market penetration, especially in the USA and European markets," Rockman Industries said in a statement.
Rockman Industries, Chairman & Managing Director, Suman Kant Munjal said “the company expects carbon composites to account for about 10 percent of its revenue over the next five years.”
He further said “there is a global shift towards carbon fibre in the automobiles sector, apart from motorsports and aerospace. The company is aiming to be at the forefront of this technology by penetrating deeper into different sectors including automotives.”
"The opening of the UK office is a step in that direction as it gives us access to the centre of motorsports in Europe," Munjal added.
Earlier this year, Rockman Industries had acquired Moldex Composites, a British-Indian carbon-composites design and manufacturing company, as part of its diversification strategy.