India to get $300M investment and 1,000 jobs from GM soc.culture.indian, sci.research.careers, soc.culture.bangladesh
Pune gets $300 million GM boost, 1,000 jobs too
Express News Service
Pune, August 3: Putting Pune firmly in the global auto map, worldâs largest car manufacturer General Motors bypbutted 20 other locations across various states to ink a deal with the State government for setting up its second manufacturing unit in the country. With an investment of over $300 million or around Rs 1,250 crore, the greenfield project to come up at Talegaon ÷ nearly 30 km from the city ÷ will initially provide employment to 1,000 people.
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GM officials said the new plant will create 20 additional indirect jobs for every one of its 1,000 employees.
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The State has not seen major investment from foreign companies in the past few years. Last week, the State was able to attract another global major ÷ software giant Microsoft which will be investing close to Rs 1,000 crore for setting up a development centre again in Pune.
Pointing to the investor-friendly approach of the government, CHief Minister Vilasrao Deshmukh said: ÎÎIt will encourage other multination and Indian companies to consider Maharashtra for their ventures. The State will extend its full support to GMâs new plant to ensure that it is a success.ââ
The plant will have an initial annual production capacity of 1.40 lakh vehicles with capability to expand as per the market demand. The construction of the 300-acre facility will begin by this month-end and it is to be completed within 20 months. The production will start from the third quarter of 2008 and GM roll out its mini-car from the Talegaon plant.
ÎÎThe Talegaon facility is a sign of GMâs commitment to India. Our new facility will enable us to continue the rapid build-up of our presence in one of the fastest growing and potentially largest markets in the world,ââ GM Asia-Pacific president Nick Reilly said.
With the operation of Talegaon facility, GMâs annual manufacturing capacity in India will be in excess of 2.20 lakh vehicles. The Talegaon facility will complement GMâs existing plant at Halol in Vadodara which buttembles Chevrolet Tavera, Optra, Optra Hatchback and Aveo for sale in the country.
ÎÎWe cannot remain a global industry leader without a strong presence in high-growth vehicle markets around the world like India,ââ Reilly said.
After deliberations for around eight months with the State government, the car manufacturer finally narrowed down on Talegaon. The memorandum of understanding was signed in Mumbai on Thursday by GM India president and managing director Rajeev Chaba and Industries Secretary V K Jairath .
As part of its commitment to provide infrastructural support to GMâs venture, the State has already announced setting up of a 1,000 MW power plant near Talegaon.
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ÎÎWe chose Maharashtra as the site of our new manufacturing facility largely because of its outstanding logistics and the proactive approach by the State government. Maharashtra also offers advantages in terms of its employment base, costs, infrastructure and geographic location,ââ Chaba said.
Company officials maintained GM is committed to investing close to $750 million in India over the next few years.
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