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British luxury car manufacturer Jaguar Land Rover (JLR), a subsidiary of India’s Tata Motors, will invest about $2 billion in the first phase to set up a manufacturing base in the Slovak Republic.
Earlier on August, JLR had announced plans to build its next factory in Slovakia, its first European plant outside the United Kingdom. However, the company did not disclose the investments it intends to make.
“We are happy to inform you that the first Indian company to invest in Slovak Republic is Tata’s JLR. It will invest $2 billion in the first phase. We plan to generate 400 jobs in the plant and 50,000 supplementary jobs in the allied sectors,” Slovak’s Minister of Economy Vazil Hudak said at World Trade Centre in Mumbai.
On August 11, JLR had signed a Letter of Intent with the government of the Slovak Republic to set up a unit in the city of Nitra. Tata Motors was exploring plans to set up a factory with an installed capacity of up to 300,000 vehicles over the next decade.
The company was hoping to start production by 2018.
The Central Europe has been emerging as an important production hub for auto companies such as Volkswagen, Toyota, Hyundai and General Motors owing to lower production costs and faster access to markets in the European Union countries.
Hudak was in Mumbai, leading a delegation of officials, who were scouting for collaborations and investments from India in engineering, IT and automobile components.
That country is also looking for Indian partners to start ventures in automobile, Defence, agriculture, pharmaceuticals and renewable energy (mainly wind and solar energy).
“It is a best time to invest, as the country is safe politically and has a robust economy,” the minister said.
The minister and his team later went to meet Tata Sons Chairman Cyrus Ministry.
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