Leading forging major Bharat Forge on Sunday announced plans to set up an integrated auto components hub in Nellore in Andhra Pradesh with an investment of about Rs 1,200 crore.
"We plan to set up a fairly large integrated automotive component manufacturing hub in Nellore district with an investment of about Rs 1,200 crore and will employ 3,000-odd people directly and almost similar amount indirectly and hopefully create a substantial ancillary economic structure," Bharat Forge Chairman Baba Kalyani said. He was speaking at the inauguration of Confederation of Indian Industry (CII) Partnership Summit.
Announcing the plans, Kalyani said another Memorandum of Understanding (MoU) has been signed with the state to set up a multi-modal facility.
ALSO READ: Bharat Forge signs long-term agreement with Rolls-Royce to supply engine parts
"Second, we propose to make a multi-modal manufacturing facility for industrial components, defence and aerospace components including a supply chain and this will be located in Anantapur district," he said.
He said for both these locations, the company has already finalised the land and "I think in the next few weeks, we will actually get physical possession of the land and start our work".
Pune-based Bharat Forge is the world's largest forging company with manufacturing facilities spread across India, Germany, Sweden and France. It manufactures a wide range of components for the automotive and non-automotive sectors.
It is part of the $2.5 billion (nearly Rs 16,670 crore) diversified Kalyani Group, which has about the 10,000-strong global workforce.
On Monday, at 0946 hours, the shares of Bharat Forge were trading down 1.52% or Rs 12.70 at Rs 820.65 per scrip intraday on the BSE.
