India had tremendous potential for investment in the
automotive industry, Hitachi President and Chief Executive Officer of
Hitachi Chemical Kazuyuki Tanaka said on Tuesday in Neemrana, about 100
km from here.
Speaking at the inauguration of two new
projects, Allied JB Friction Pvt. Ltd. and Hitachi Chemical India Pvt.
Ltd., Mr. Tanaka appreciated the transformation of the Japanese zone at
Neemrana.
Mr. Tanaka said Hitachi Chemicals was
expanding globally and besides India, where the unit begun production on
Tuesday, the company had established plants in Singapore, Thailand,
China, Indonesia and the U.S.
Hitachi Chemical has
been set up at a total cost of Rs.120 crore for the manufacture of
powdered metal products, mainly for engine and transmission components
for two and four wheelers. In the current fiscal, the company envisages
sales of Rs.20 crore, moving on to Rs.110 crore by 2015.
Speaking
on the occasion, Tsunemasa Teramoto, the First Secretary of the Embassy
of Japan, said that India was a young market for the automotive
industry and its components.
“Japan is looking forward to collaborate (with India) in this area and invest in this sector,” he said.
Ravi
Talwar, Chairman of Allied Nippon, the Indian partner of Allied JB
Friction, hoped the newly set-up company, which will be manufacturing
disc pads, brake linings and shoe assemblies for two wheelers as well as
four-wheelers, would soon become number one in the country.
Allied JB Friction, set up at a cost of Rs.57.80 crore, will generate employment for 320 persons.
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