Knauf Group to invest additional €350 million in India, plans four new plants
Benchmarks Nifty22,687.65-123.7FEATURED FUNDS★★★★★UTI Aggressive Hybrid Fund Regular Plan-Growth5Y Return8.76 % Invest NowFEATURED FUNDS★★★★★Motilal Oswal Midcap Fund Direct-Growth5Y Return18.76 % Invest NowEnter search…
German building materials company Knauf Group plans to invest an additional €350 million in India to set up four new manufacturing plants, Managing Partner Murat Akyildiz said after meeting Union Commerce and Industry Minister Piyush Goyal.
German building materials company Knauf Group plans to invest an additional €350 million in India and establish four new plants, its Managing Partner Murat Akyildiz said after meeting Union Minister of Commerce and Industry Piyush Goyal.Akyildiz told that the company, which already operates two plants in India, is confident about the country's business environment and Prime Minister Narendra Modi's vision of 'Make in India' and 'Vocal for Local'.
"We plan to invest an additional €350 million in India because we strongly believe in Prime Minister Modi's vision of Vocal for Local and Make in India. We have great confidence in the country," Akyildiz said.
He said the company would begin by establishing its third plant in Gujarat, involving an investment of €80 million.
"Our first step will be to establish a new plant, which will be our third plant overall, in Gujarat. We will invest €80 million in this plant alone. The land is ready, and the machinery is ready," he said.
Live Events
Akyildiz said the meeting with Goyal was positive and expressed confidence that the project would move forward quickly
"We have just had an excellent meeting with the minister, and we are confident that things will move forward very quickly," he said.
Describing India as an attractive investment destination, Akyildiz said the development demonstrated the country's readiness to do business.
"This is great because it demonstrates that India is always ready for business, and so are we," he added.
Knauf is a global company specialising in gypsum and gypsum-based products. Its proposed investments are expected to expand its manufacturing presence in India.
Add as a Reliable and Trusted News Source Add Now!
(You can now subscribe to our Economic Times WhatsApp channel)
Read More News onKnauf Group investment in Indianew plants in Indiabusiness environment in IndiaManufacturing plants in GujaratMake in India initiativeVocal for Local
(You can now subscribe to our Economic Times WhatsApp channel)
Read More News onKnauf Group investment in Indianew plants in Indiabusiness environment in IndiaManufacturing plants in GujaratMake in India initiativeVocal for LocalPrime ExclusivesInvestment IdeasStock Report PlusePaperWealth Edition
KYB and KYC: Business behind the wealth creator called “Divi’s Lab” – Part 1
The global business of promising more
One company, 2 words. Bond yield and CDS: Will they decide the fate of global markets?
Business of Odd Things: Inside an industry that farms fish that nobody is meant to eat
War's second-order effects are becoming visible in critical sectors
US mid-term elections – Part 2: What does it mean for Trump to lose control of Congress?
- 1
- 2
- 3
Stories you might be interested in
Figures reflect the source report and its stated period. This article is for information and is not investment advice.
