Caparo group invest $3 billion in Kancheepuram

Swaraj Paul's Caparo to invest $3billion in Tamil Nadu

Chennai: London-based NRI Swaraj Paul's Caparo group Thursday made a commitment to invest Rs.3 billion ($68 million) in Tamil Nadu and set up another vehicle-part manufacturing unit in the state.

The Caparo Vehicle Products India Pvt Ltd and the Tamil Nadu government signed a memorandum of understanding (MoU) to set up a manufacturing facility at Oragadam in Kancheepuram district on the outskirts of Chennai.

The MoU was signed by Caparo group chief executive Angad Paul and Tamil Nadu Industries Secretary Shaktikanta Das in the presence of Chief Minister M. Karunanidhi.
The company said that composite materials and testing units, fasteners, tubular products for automotive and aerospace and automotive braking systems will be made at the facility, providing jobs to 2,500 people.

Caparo India is also keen to enter the Indian aerospace sector. "We are trying to attract aerospace customers by exporting to them. Our ultimate goal is to bring aeroplane manufacturers to India," Angad Paul told reporters here.

"We want to use our own technology for both automobile and aerospace sectors here," he said.
The Oragadam project is Caparo's second in Tamil Nadu - the first was an auto component plant at Sriperumbudur, where it has invested Rs.4 billion