NTN to set up auto component unit in Haryana

Chandigarh, Mar 2 (UNI) Japanese automotive component major NTN Corporation is setting up its first project in India for manufacture of constant velocity joints and auto components in collaboration with National Engineering Industries Ltd, a Birla group company.

The project would be set up at Bawal in Rewari district of Haryana at an estimated investment of Rs 84.83 crore, a Haryana State Industrial Development Corporation (HSIDC) spokesman said here today.

Chief Minister Bhupinder Singh Hooda would lay the foundation stone of the project by the NTN Manufacturing (India) Pvt Ltd on March six.

The spokesman said the project was expected to manufacture 640,000 units per annum with a sales turnover of Rs 84.22 crore.

He said the HSIDC had already allotted 21 acres of land to the company at Bawal for the implementation of this project, due for completion by March 2007.

Giving details, he said the group had expanded its operations with manufacturing plants in Japan, North America, Europe, Australia, Asia and Oceania and sales operations in 17 countries at 75 locations.

He said the NTN group had its research and development facilities in Japan, the US and Europe with an employees' strength of over 12,700 and a turnover of 3.9 billion dollars.

The HSIDC, the spokesman said, had allotted 25 industrial plots of various sizes for large-scale industrial projects with a capital investment of about Rs 1135 crore at Bawal Growth Centre during the past year.

He said the Bawal growth centre had emerged as a preferred destination for the domestic and multinational companies.

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