Vijayawada: Chief Minister N. Chandrababu Naidu has approved a manufacturing project proposed by Toray Industries Inc., a Japanese multinational corporation. The company will invest Rs 1,000 crore for the manufacture of technical textiles in Sri City, as a part of Toray’s India Expansion Plan. Their preferred site for the plan is spread across 109.35 acres in Chitoor district, which will be the largest Japanese company footprint in Sri City.
Important delegates who took part in the discussion include Yukichi Deguchi (senior vice president and the general manager), Katsuyuki Yamada (Director), Shigekaru Suenaga, (MD), Ajay Singh Sirohi and Jaasthi Krishna Kishore, CEO of AP Economic Development Board. The project will provide direct employment to more than 100 people, and indirect employment to around 300-400 people.
Toray also informed the officials that the foundation stone for the project will be laid next year. Toray Industries is known to be the leading manufacturer in fibers and textiles, performance chemicals, carbon fiber materials, life science and environment & engineering. They have expanded across 25 countries with their net sales overseas adding up to 9.5 billion dollars.
Rockman Industries to invest Rs 540cr in Chittoor:
Chief Minister N. Chandrababu Naidu also accepted an investment proposal from Rockman Industries Ltd., for setting up an aluminium die casting plant in Chittoor district. Their proposed investment is Rs 540 crore spread over a period of 6 years, with generation of 1,600 direct jobs. In a meeting held at the Secretariat on Thursday, the Chief Minister met V. Veerappan, the director of Rockman Industries Ltd., in the presence of the CEO of APEDB, Jaasthi Krishna Kishore and discussed the proposal for the production of die cast parts, machined and painted, along with other components for the two and four-wheeler market.
The expected turnover from their proposed facility in Chittoor would be around Rs 600 crore per year. Rockman Industries is a part of Hero MotoCorp group, and it manufactures motorcycle parts and four-wheeler alloys at their plants in Ludhiana, Bawal and Chennai. It has a turnover of Rs 2,105 crore and is an employer to over 4,000 people throughout India. It wants to cater to the upcoming OEMs in AP and a larger market segment in southern India such as Hyundai in Tamil Nadu.
