Chandigarh: Punjab Chief Minister Bhagwant Mann promised to support Modern Automotives Ltd in their efforts to expand their project in the state and produce a key component for the automotive giant BMW, on Thursday.
A delegation of Modern Automotives Ltd, comprising Aditya Goyal, Suhail Goyal and Manish Bagga, called on the Chief Minister here. Now parts of BMW will be manufactured in the state, a statement by the state government said.
During the meeting, he was informed that Modern Automotives has become the first Indian company to receive approval for deliveries of differential pinion shafts to German luxury vehicles manufacturer BMW AG Munich. They said the order has been confirmed for 2.5 million units valued at Rs 150 crore, adding that models with investment worth hundreds of crores for development and testing.
The models would be executed on the same premises by adding additional lines bringing in more revenue, employment and investment. Assuring full support and cooperation to the company for their future endeavours, the Chief Minister accepted the invitation of delegation to lay the foundation stone of the plant next month.
He said it is a matter of pride and satisfaction that the parts of leading automotive giant BMW will now be produced in the state.
CM Mann said that this move would give impetus to the state's industrial growth, besides highlighting it on the international map.
The Chief Minister reiterated that the state has an industry-friendly government with a real single-window system for the well-being of investors. He said that Punjab is a land of opportunities and the leading companies from across the world are making a beeline to invest in the state.
CM Mann said that Punjab has complete communal harmony, and industrial peace coupled with a congenial atmosphere for industrial growth, which are giving impetus to its overall development, prosperity and progress.
Source: IANS