Tyres major Yokohama to invest Rs.9 bn in Haryana plantApril 1st, 2008 - 5:26 pm ICT by admin
Chandigarh, April 1 (IANS) Japanese tyre manufacturer Yokohama Rubber Company will set up a new tyre manufacturing plant in Haryana worth over Rs.9 billion (around $200 million), the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) announced Tuesday. The company has been allotted a 25-acre plot by the HSIIDC at Bahadurgarh industrial estate on the newly developed Rohtak-Jhajjar industrial belt in Delhi’s national capital region (NCR).
The new industrial estate is being developed along National Highway (NH) 10 on an area of 755 acres.
“This is the first major investment by a Japanese company in the Rohtak-Jhajjar belt. Haryana accounts for nearly 70 percent of all Japanese investment in India. Till now, the Japanese investment was only in Gurgaon and Faridabad areas,” HSIIDC managing director Rajiv Arora disclosed.
The Rs.9.65 billion investment by Yokohama will be 100 percent foreign direct investment, a HSIIDC spokesman said.
The new unit will provide employment to 900 people, besides promoting ancillary industries in the area.
Established in 1917, Yokohama is the seventh largest tyre-manufacturing company in the world with a turnover of $4.2 billion during the year 2006-07.
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