Isuzu Motors India (IMI) has signed a Memorandum of Understanding with the Government of Andhra Pradesh to facilitate investment by its suppliers in the state of Andhra Pradesh under the Automobile and Auto Component policy 2015–20.
IMI is setting up its plant in Sri City, Chitoor District, Andhra Pradesh. Seven auto component companies nominated by IMI have signed a MoU with the state government and hence will receive various incentives and concessions from the state government for promoting automotive manufacturing in Andhra Pradesh. These auto component companies will explore possibilities of appropriate investments in the state in order to cater to the future requirements of the OEMs who will set up their manufacturing facilities in the region.
Takashi Kikuchi, Managing Director, Isuzu Motors India signed a MoU with the state government in the presence of N. Chandrababu Naidu, Chief Minister of Andhra Pradesh, key dignitaries of the state and key officials from various auto component companies.
Kikuchi said, “We are extremely pleased with the developments and we believe the policy for Automobile and Auto Components 2015-20 will immensely benefit the automobile sector, going forward. While Automobile and Auto Component manufacturers will benefit from the advantages laid out by the policy, it will also attract substantive and qualitative investment into the state. The policy is a win-win situation for investors and the state”
Photo Caption: N. Chandrababu Naidu, Chief Minister of Andhra Pradesh and Takashi Kikuchi, Managing Director, Isuzu Motors India at the MoU signing with the Andhra Pradesh government
Isuzu has stated that the company is also in the process of tying-up with various component manufacturers across India towards its goal of achieving 100pc localisation for its products to be manufactured from its upcoming plant in Sri City.
IMI states that the company had acquired 107 Acres of land in 2013 after signing a MoU with the Andhra Pradesh State Government in order to start automobile manufacturing operation in India. This new facility is likely to commence commercial operations by early 2016, with the initial production capacity at 50,000 units/ year. Isuzu will scale up the production capacity to 120,000 units/ year, with the accumulated investment of Rs. 3,000cr. and is expected to generate 2000 - 3000 jobs in the area.
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