Chennai, Mar 8 (UNI) Caparo Vehicle Products India Private Limited, a subsidiary of UK-based Caparo Group, will set up a second facility in Tamil Nadu for manufacture of automobile and aerospace components with an initial investment of over Rs 300 crore.
An MoU in this regard was signed between Tamil Nadu Industries Secretary Shaktikanta Das and Caparo India Chairman Angad Paul in the presence of Chief Minister M Karunanidhi at the Secretariat here today.
The new facility, coming up on an area of 100 acres at Oragadam SIPCOT Industrial Complex, will manufacture tubular parts for automobile and aerospace, automotive braking systems, fasteners and composite materials and testing.
The total employment generation would be about 2,000 people, including direct employment for 850 people.
Later, talking to reporters, Mr Paul said Caparo Engineering India Pvt Ltd was already setting up a project for auto components on an area of 120 acres of land at Sriperumbudur SIPCOT Industrial Complex near here.
The state-of-the-art facility, being set up with an investment of over Rs 300 crore, would focus on stamping, world class R&D Centre and Tool Room, aluminium foundry and forging, he said.
He said construction activities for the Sriperumbudur facility were in full swing and commercial production was expected in the next few months. It was targetted to reach Rs 1,000-crore sale by 2009.
The Oragadam facility, which would become operational in a year from now, would reach the target of Rs 1,000-crore sale by 2011, Mr Paul added.
Stating that the Caparo Group was encouraged by the investment climate and the support extended by the Tamil Nadu Government, he said a proposal had also been given for setting up a convention centre in Chennai.
UNI
An MoU in this regard was signed between Tamil Nadu Industries Secretary Shaktikanta Das and Caparo India Chairman Angad Paul in the presence of Chief Minister M Karunanidhi at the Secretariat here today.
The new facility, coming up on an area of 100 acres at Oragadam SIPCOT Industrial Complex, will manufacture tubular parts for automobile and aerospace, automotive braking systems, fasteners and composite materials and testing.
The total employment generation would be about 2,000 people, including direct employment for 850 people.
Later, talking to reporters, Mr Paul said Caparo Engineering India Pvt Ltd was already setting up a project for auto components on an area of 120 acres of land at Sriperumbudur SIPCOT Industrial Complex near here.
The state-of-the-art facility, being set up with an investment of over Rs 300 crore, would focus on stamping, world class R&D Centre and Tool Room, aluminium foundry and forging, he said.
He said construction activities for the Sriperumbudur facility were in full swing and commercial production was expected in the next few months. It was targetted to reach Rs 1,000-crore sale by 2009.
The Oragadam facility, which would become operational in a year from now, would reach the target of Rs 1,000-crore sale by 2011, Mr Paul added.
Stating that the Caparo Group was encouraged by the investment climate and the support extended by the Tamil Nadu Government, he said a proposal had also been given for setting up a convention centre in Chennai.
UNI
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