Volvo proposes Rs 1,500 crore plant in HP

Shimla, May 13 (UNI) Swedish luxury bus major Volvo has proposed to invest Rs 1,500 crore to set up a manufacturing plant in Himachal Pradesh, an official spokesman said.

The company plans to set up the plant in collaboration with Bangalore-based Jaico Automobiles Engineering.

The spokesman said a proposal to this effect was submitted to state Chief Minister Virbhadra Singh by company officials, including Akash Passey, General Counsel and Director (business, strategy and operational development) Volvo Bus Corporation and BS Chadha, Chairman-cum-Managing Director, Jaico Automobiles Engineering Company here yesterday.

The unit, when fully operational, is expected to provide direct employment to 3,000 people in the state.

Welcoming investment by international automobile companies in the state, he said his government would soon set up special economic zones (SEZs) in Kangra and Una districts at an estimated cost of over Rs 5,000 crore.

Mr Singh said global tenders had been invited for setting up SEZs and a special agriculture zone was also being set up for promoting agri-business activities.

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