Visakhapatnam: Bharat Forge Ltd on Sunday announced that it will set up an integrated auto component park in Andhra Pradesh with an investment of Rs.1,200 crore.
The Pune-based multinational has signed two MoUs with the state government, announced chairman Baba Kalyani at the inaugural session of the 22nd CII Partnership Summit here.
The company will set up the auto component plant in Nellore district. The second MoU is for for a defence, aerospace manufacturing park which it proposes to develop in Anantapur district.
"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," he said.
"We also 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.
The company has finalised the land for both the projects. Kalyani was confident that in the next few weeks, it will get physical possession of the land and start the work.
Bharat Forge, a part of $2.5 billion diversifies Kalyani Group, is the world's largest forging company with manufacturing facilities spread across India, Germany, Sweden and France.
