Mumbai: Rane, the $550 1 million auto parts group, will allocate $100 million (Rs 6.5 crore).

Over the years, the group has hired McKinsey to help develop its annual strategy for 2020 and has invited Chand Sehgal, chairman of auto parts maker Motherson Sumi Vivek, to tell his employees the secrets of his success to encourage them. Motherson Sumi has rapidly spread its wings globally, earning a reputation as India’s leading global automotive component maker, and the Rane Group is looking to follow suit. It aims to start a quarter of its business from the global market in the next three to four years, which will require 70%+ growth in the domestic market, which has been growing at a CAGR of 12-13% over the last few years.

Motherson Inspired by Sumi, Rane Group acquired US-based Precision Die six months ago on the recommendation of a key client Casting, led by Rane Group. In the past, Baba Kalyani of Bharat Forge Others also had words of encouragement for employees and shared their experiences of working in a globalized world.

The group has set up an office in the US to be closer to its customers and to facilitate global sourcing from India. Raine Group will soon open an office in Europe if their customers need it and may consider acquiring a company. Rane TRW Steering Systems Harish Lakshman He says there is a belief within the group that it should grow faster than it is now and strive to become a global company.

“Lark It can no longer be an India-based company. It can only go so far, given our aspirations and vision to be a global automotive component supplier, which is our overall strategy and framework,” Shman said.

Rane grew from 14% of group international sales two years ago to 16% in fiscal 2016.