New Delhi, Oct 17 (PTI) Bonfiglioli Transmissions on Thursday said it is investing Rs 320 crore to set up a gearbox manufacturing plant in Tamil Nadu.
The project is the third gear box facility of Italy-based Bonfiglioli Group in India.
The 25-acre project in Cheyyar plant in Tiruvannamalai district is scheduled to commence operations by 2025, the company said in a statement.
The plant will cater to growing domestic demand for heavy-duty industrial gearboxes, Bonfiglioli Transmissions.
Heavy-duty industrial gearboxes are critical equipment which find applications in specialised machines used in sectors like steel, mining, construction and infrastructure.
Sonia Bonfiglioli, Chairwoman, Bonfiglioli S.p.A.said, "With a targeted turnover of Rs 1,900 crore by year-end, Bonfiglioli is poised for another significant growth in India.
"... these initiatives will create significant employment opportunities and bolster our presence in the region, paving the way for sustained growth and increased local market competitiveness." Around 200 new jobs are expected to be created from this project, she added.
A leader in gearmotors, drive systems, planetary gearboxes and inverters, Bonfiglioli Group has presence in over 80 countries. In India, the group operates through subsidiary Bonfiglioli Transmissions with two facilities in Pune and Chennai. PTI ABI MR MR
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