Kolhapur, Oct 6 (UNI) Kolhapur-based Marvelous Engineers Group of Industries Pvt Ltd today signed an agreement with Italy-based international Company Vimercati to set up a new foundry project at Kagal in the district.
Talking to reporters, Marvelous Group Chairman Mansingrao Jadav said the project, which will start within a six month period, would be equiped with modern technology and will produce three thousand tonnes of iron casting annually.
The project cost of the first phase has been estimated at five crore, he added.
Marvelous Group will hold 60 percent share of the project, while Vimercati will hold 40 percent.
The second phase of the foundry project will be started in 2011, Mr Jadav added.
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