New Delhi: Packaging solutions provider Bilcare Ltd today launched its anti-counterfeit technology for the Indian automobile industry, which has been dealing with spurious components for long.
“Counterfeit components are not only a threat to the profit of automobile manufacturers but also to the vehicle users using sub-standard safety and performance parts. Our technology, equipped with nanotechnology and bluetooth, will fight this problem of the industry,” Bilcare Technologies President and CEO Raman Nanda told PTI.
While launching the technology at the Society of Indian Automobile Manufacturers (SIAM) Annual Convention here, he said various car parts in India constitute an estimated 37% of the total components market.
The company has launched the product from its Singapore facility, where it had earlier committed Rs100 crore investment for carrying out R&D and setting up the plant.
When asked about the sales target in India, Nanda said: “In the next five to seven years we have a global target of up to one billion dollar from all industries, like automobile, engineering, fashion, pharma and aviation. Of this, India’s share will be about 15-20%.”
Bilcare is also talking to some IT firms for forming alliances and partnerships in India, he said, but declined to give details.
According to a survey conducted by Motor & Equipment Manufacturers Association (MEMA), the global automotive industry loses up to $12 billion per year to counterfeiting.