Industrialist Lord Swraj, UK signed a MoU
with MP State for Rs 800 mn
London, Sept 26, 2005
In an effort to further expand its operation
in India, NRI Industrialist Lord Swraj Paul's Caparo
Group today signed a Memorandum of Understanding with
the Madhya Pradesh Government for setting up new manufacturing
facilities in Pithampur in the state at an estimated
cost of Rs 800 mn.
Caparo has already invested Rs 300 mn in its sheet
metal stamping unit in Pithampur, in MP and under
the MOU, it would further expand its sheet metal stamping
unit at a cost of Rs 250 mn.
Besides, it would invest Rs 240 mn in
long member chassis unit, Rs 150 mn in iron foundry
and forging and another Rs 150 mn for expansion of
long member unit, in all providing additional employment
for about 100 people.
The MOU was signed by Angad Paul, Chairman
of Caparo Engineering India Private Ltd (CEIPL) and
Raghav Chandra, Managing Director, Madhya Pradesh
State Industrial Development Corporation in the presence
of the Chief Minister Babulal Gaur and Caparo Chairman,
Lord Swraj Paul.
CEIPL is a company 100 per cent owned
and managed by Caparo Group of UK. The Caparo Group
is a 1.3 billion dollar multinational conglomerate
with main business of steel and metal conversion and
has business in Europe, US and India.
CEIPL's main business in India is metal
stamping for automob ile customers. It has state-of-the-art
manufacturing facility at Pithampur and supplies to
leading automobile companies like Eicher, Bajaj Tempo,
General Motors, Delphi, Ford etc. pti