Chennai, Oct 4 (UNI) The UK-based Caparo Group of companies today inaugurated its manufacturing facilities at its new industrial complex in Sriperumbudur near here.
Talking to reporters a couple of hours ahead of the launch, Caparo Founder and Chairman Lord Swaraj Paul and Caparo India Chairman Angad Paul said the complex was built on a 120-acre land with an initial investment of about Rs 400 crore.
It would house a stamping unit, R&D centre and tool room, an aluminium foundry and a forging unit.
The facility would generate employment opportunity for about 1,000 people and revenue of Rs 1000 crore by 2010.
Lord Paul said Tamil Nadu had emerged as an automobile hub and Caparo's presence has become inevitable from the business point of view.
''Our aim is to bring world class technologies integrated under one roof'', he said.
As part of the second phase of the project, Caparo would set up a unit at Oragadam near Chennai with an investment of Rs 300 crore.
The unit would manufacture tubular parts for automotive and aerospace, automotives braking systems, fasteners, composite materials and testing.
''We will soon come up with a stamping unit at Nilakottai and an aerospace component park in Tamil Nadu'', Lord Paul said and thanked the Tamil Nadu Government for the support extended to the Caparo.