Sensex 26419.55 59.44 0.23%
Nifty 7913.2 22.1 0.28%
Cummins in India, the leading manufacturer of engines, generators and related technologies, inaugurated its 300-acre project at Phaltan today. The projects at this site that has been awarded mega project status by the Government of Maharashtra, is designed to house ongoing and future expansions of the Cummins Group in India. Half of the acreage is set up as a Domestic Tariff Area and the other half as a Special Economic Zone for exports. The first three plants that were launched were the second manufacturing facility of Tata Cummins Limited producing engines for commercial vehicles, power generation and industrial markets, an engine rebuild center and a reconditioning facility for remanufacturing engines and components. The three new plants have been built on an investment of approximately Rs5bn.
Owing to the scale of investments on its expansion projects, MOUs were inked in 2008 between the Government of Maharashtra and the Cummins Group, towards financial incentives as well as assistance and support in the establishment of the mega projects at Phaltan. With the inauguration of the Megasite, the Cummins Group has become the first anchor tenant at the MIDC promoted SEZ.
The Megasite was inaugurated at the hands of Sharad Pawar - Hon'ble Minister of Agriculture, Government of India, Prithviraj Chavan - Hon'ble Chief Minister of Maharashtra, Ajit Pawar - Hon'ble Deputy Chief Minister of Maharashtra, Hassan Mushrif - Hon'ble Minister of Labour and Special Assistance, Smt. Supriya Sule - Hon'ble Member of Parliament, Ramraje Naik Nimbalkar - Hon'ble Minister of Water Resources, Krishna Valley Development Corporation, Tim Solso - Chairman and Chief Executive Officer of Cummins Inc. and Anant J Talaulicar - Managing Director of Cummins in India.
Tim Solso, Chairman and CEO, Cummins Inc. said at the inauguration, Our association with India dates back nearly half a century. Particularly, over the last few years, our operations in India have expanded and grown multi-fold owing to several positive factors such as a rapidly growing economy, a vast talent pool and the investments we have been making in new products and services. Encouraged by these, the Megasite was conceived to house our future expansions. Furthermore, the concept of co-locating our businesses at a common campus offers the advantage of scale and greater synergy to our operations. We believe a project of the scale of the Megasite involving investments of approximately US$300 million spanning the next few years, is a demonstration of our commitment to further strengthen our long and valued association with India.
On the occasion, Anant Talaulicar, Managing Director of Cummins Group in India said, We have significantly and profitably grown our businesses in India over the last few years and we expect this positive trend to continue in future. The expansions will cater to the increasing market demands and ensure that we continue to serve our customers well. The project will continue to generate significant employment opportunities for locals, and help develop ancillary industries in the Phaltan-Baramati area.
Consistent with our core values, we are working closely with the local community to develop skilled workforce by sponsoring the local ITI, forming relationships with the colleges in Baramati and adopting nearby villages. We are working with the Government to develop the infrastructure to sustain industrial growth in and around Phaltan and I am delighted to say that we have received great support in these efforts. We are excited that besides supporting the Groups future growth plans, the Megasite is geared to play a pivotal role in bringing a positive difference in the lives of the residents of Phaltan and those in neighboring towns and cities.
India Infoline News Service / 08:49, Aug 22, 2014
The outlook is a positive start with indices set to take initial cues from the global markets. US indices closed higher with S&P 500 at a record high. The Dow and S&P 500 added around 0.3% while Nasdaq gained marginally.