Karunanidhi commissions Caparo's manufacturing facilities

Karunanidhi commissions Caparo's manufacturing facilities: 

• Sriperumbudur / Chennai: Caparo's new industrial complex at Sriperumbudur was inaugurated by Tamil Nadu Chief Minister M Karunanidhi. With this, the first phase of Caparo Group's Rs.600 crore auto metal sheet manufacturing facilities was formally commissioned. He congratulated the Caparo Group for their speedy implementation of the project.
   
• It has been built on 120 acres of land with an initial investment of Rs.400 core. The SIPCOT facility houses a stamping unit, R and D centre, tool room, aluminum foundry and a forging unit which will employ 1,000 persons. 
   
• "We expect revenue of at least Rs 1,000 crore from the facility by 2010," Caparo India Chairman Angad Paul said.  
• Caparo is setting up another manufacturing facility at Oragadam on the outskirts of Chennai with an investment of Rs.300 crore. The unit will manufacture tubular parts, automotive braking systems and fasteners. It will also manufacture aeronautical sheets. The facility will be set up next to the automotive park being set up Nissan, Renualt and Mahindra and Mahindra. 
• Both these plants are expected to generate a direct employment for about 1,400 people. 
   
• Angad said Caparo was also keen to service the maritime sector as well. 
•  "We have got customers in aerospace sector and the automotive sector. As the aerospace sector grows, they are recognizing the need for having quality suppliers," Angad said 
  
   
• Lord Swraj Paul said that last year the company had earned Rs 220 crore in India and is expected to touch a top line of Rs 2,000 crore by 2009. Caparo Group is looking at a turnover of Rs 4,000 crore from its Indian operations by 2011. 
  
  Tamil Nadu to release new industrial policy soon 
•  Karunanidhi said the Tamil Nadu government will soon come out with a new industrial policy which would pave the way for further industrial development. 
  
•  "This policy has been evolved after a wide consultative process.The suggestions made by the industry associations and captains of the industry during the meeting of the Industrial Task Force under my Chairmanship have also been taken into consideration," Karunanidhi said. 
  
• The chief minister said the policy sought to address the concerns of all the stakeholders, who would be provided world class infrastructure to meet the growing needs of the industry. 
  
•  He said that road infrastructure was being improved in Tamil Nadu in order to provide better connectivity. The state government was taking it up with the National Highways Authority of India in order to six-lane the Koyambedu-Maduravoyal-Sunguvarchathiram Highway.