Visakhapatnam: Leading forging major Bharat Forge today announced plans to set up an integrated auto components hub in Nellore in Andhra Pradesh at an investment of about Rs 1,200 crore.For latest news on Business & Budget 2017, like us on Facebook and follow us on Twitter.
"We plan to set up a fairly large integrated automotive component manufacturing hub in Nellore district with an investment of about Rs 1,200 crore and will employ 3,000-odd people directly and almost similar amount indirectly and hopefully create a substantial ancillary economic structure," Bharat Forge Chairman Baba Kalyani said here.
He was speaking at the inauguration of CII Partnership Summit.
Announcing the plans, Kalyani said another MoU has been signed with the state to set up a multi-modal facility. "Second, we propose to make a multi-modal manufacturing facility for industrial components, defence and aerospace components including a supply chain and this will be located in Anantapur district," he said.
He said for both these locations, the company has already finalised the land and "I think in the next few weeks, we will actually get physical possession of the land and start our work".
Pune-based Bharat Forge is the world's largest forging company with manufacturing facilities spread across India,Germany, Sweden and France. It manufactures a wide range of components for the automotive and non-automotive sectors.It is part of the $2.5 billion diversified Kalyani Group,which has about 10,000-strong global work force.