German manufacturers to set up facilities in India
New Delhi, Apr 14 (UNI) Leading German car maker BMW is setting up its manufacturing base in Chennai with a production capacity of about 1,700 cars annually on one-shift.
India is the second country after Thailand where BMW is setting up its own subsidiary.
''The German companies have reaffirmed their faith in the Indian market and are investing money in setting up their manufacturing bases, enhancing their presence and opening new ventures in India,'' Mr Ajay Singha, Deputy Director General, Indo German Chamber of Commerce said.
The German auto ancillary giant, Bosch, is also keen on enhancing its presence and planning an investment close to Rs 1,000 crore in India, he added.
A clutch of German companies are evaluating West Bengal as a business destination for ship and shipyard builders, Mr Singha said.
Even the Indo-German companies in India have fared very well.
Infact, some of them have out-performed their German parent companies.
There are about 24 Indo-German companies listed in the Indian stock market.
This is a reflection of the fact that the Indo-German collaboration companies have integrated well in the Indian market and have become important players in their areas of operation.
The best performing companies include Siemens Ltd., MICO&Goetze (India).
The Indo-German bilateral trade increased by 21.6 per cent and presently stands at 9.1 billion dollars. The trade balance between the two countries recorded 805 million EURO in Germany's favour.
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