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Our Bureau

Setting up Rs 400-cr manufacturing facilities

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Chennai, March 7 Caparo Vehicle Products India Pvt Ltd, part of the Caparo group of UK, will formally sign a Memorandum of Understanding with Tamil Nadu on Thursday, for the setting up of Rs 400-crore manufacturing facilities in the State.

The company intends to put up a project for stamping, aluminium foundry and forging at Oragadam, near Sriperumbudur. An R&D centre and a tool room are also to come up at the facility.

The MoU is to be signed between Mr Angad Paul, Chief Executive, Caparo group and Mr Shaktikanta Das, Industries Secretary.

According to a press release, the products to be manufactured at the facility would include composite materials, fasteners, tubular products for automotive and aerospace and automotive braking systems.

"Construction activities are in full swing with regard to the above projects and commercial production expected in next few months," the release says.

The project would provide employment opportunities to about 2,000 people, it says.

The Caparo group was set up by Lord Swraj Paul, an Indian-born British peer.

In India, the group has three entities: Caparo Maruti Ltd, Caparo Engineering India Private Ltd (CEIPL) and Caparo India Private Ltd. Caparo Vehicle Products is a new SPV formed for the purpose of putting up the Sriperumbudur project.

Caparo's Indian operations currently employ 2,000 directly, with a further 2,000 employed indirectly. Sales growth forecasts predict by 2008 to Rs 1,000 crore. This expansion will be achieved via greenfield projects and planned acquisitions.

More Stories on : New Projects | Automobile Components | Tamil Nadu

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