Chennai, Oct 24 (UNI) Finnish major Alteams will set up a Aluminium die-casting plant neat Chennai for automobile and telecom industries, a top official of the company said.
Talking to UNI during his visit to Wind Turbine manufacturing plant at Vestas RRB India Limited at suburban Poonamallee, Alteams CEO Routila Panu said the plant would be set up through a Joint Venture (JV) with automobile major Ashok Leyland.
Alteams was part of a 30-member business delegation, on a tour to India, headed by Finland Minister of Foreign Trade and Development Dr Paavo Vayrynen.
''We have already signed a JV with Ashok Leyland. The first meeting of the JV will be held tomorrow,'' Mr Routila added.
He said SIPCOT had already allotted lands for the facility, which would come up with an initial investment of 25 million Euros. ''In the second phase, the investment will be around 350 million Euros.'' The construction works would begin next year and the plant would become operational by early 2009.
There was huge demand for aluminium die-casting products as Ashok Leyland had tied-up with Nissan for manufacturing of trucks.
Besides, Mr Routila said, it would also be used in telecommunication industries.
In an informal chat after visiting the facility at Vestas RRB, the Finnish Minister said he was leading a business delegation to look for business and investment opportunities in India.
''Several Finland companies have set up base in India and are employing about 20,000 people. Of this 10,000 were employed by mobile phone major Nokia alone,'' he added.
About new investments in India, Dr Vayrynen said several sub-contractors, supplying components to Nokia, would be investing in Chennai.
He said his visit to the wind turbine manufacturing facility here was to study the technology.
Vestas RRB Deputy Managing Director Sarvesh Kumar said though the company was importing gears for manufacture of wind turbines, the visit of the delegation was basically to study the functioning of the wind turbines.
''We might help them in sharing our expertise to promote wind energy in Finland,'' he added.