Chennai, May 31 (PTI) German technology group Freudenberg has commenced construction activities for its new production unit being set up at an investment of Rs 210 crore, a top official said here today. Also Read - Monsoon Session Day 2: Lok Sabha Passes Essential Commodities Bill to Raise Farmer Income, Boost Agri Sector | Highlights
Freudenberg’s India, a subsidiary of Freudenberg and Co. KG, Germany has recorded a 25 per cent rise in the sales to Rs 2,768 crore last year. Also Read - 'Jammu And Kashmir to Reopen For Tourism Soon', Says J&K Administration
“This rise is the result of continuous investments in existing and new projects. One example is new production facility in Chennai,” Freudenberg Group, Regional Representative India, Georg Graf said. Also Read - COVID-19: Centre Announces Guidelines For Unlock 2, Lockdown Till July 31 in Containment Zones
The company has seven business groups across the country employing about 2,688 people at 50 locations.
“We are on track. Our new facility in Chennai is an important step – not only to grow, but also to underline our long-term commitment to local market,” he told reporters.
He said the upcoming plant in Chennai has cleared all legal hurdles and “construction work at the site started”.
“The total investment is around Euro 28 million or Rs 210 crore. These important decisions contribute to the sustainable growth of the entire Group. Both, operationally and strategically, 2017 was a successful year for Freudenberg worldwide,” he said.
The Indian market plays a key role in existing and future operations for the company, he said.
This is published unedited from the PTI feed.