Daicel to set up its first airbag inflator facility near Chennai; to invest Rs 230 cr in phase-I

Chennai, Jan 18 (PTI): Japan-headquartered DaicelCorporation is setting up an airbag inflator manufacturingfacility near Chennai and would invest Rs 230 crore in thefirst phase.

The company said on Monday the facility would come upat the 1,250 acre industrial township CapitaLand's OneHubChennai located on the Old Mahabalipuram Road and it would bethe first airbag inflator plant in the country.

Daicel Corporation India managing director,TakaseYoshifumi said the company was supplying to the domesticmarket from its facilities in Thailand and other countries.

''However, due to the growth potential of theIndian automobile market, and the need to strengthenautomobile manufacturer and airbag module manufacturer supplychains in India, we have decided to establish a localproduction site at OneHub Chennai,'' he said.

The company would further strengthen itspresence in the domestic market through stable production andsupply of products, contributing to the development of theeconomy through inflator production and parts' procurement inthe country, he said.

Daicel expects the facility to commenceoperations by December 2023 and would serve the growing demandfor automobile airbag inflators in the country.

CapitaLand India business parks CEO VinamraSrivastava said ''We are excited to be part of Daicel'simportant milestone and look forward in supporting theirgrowth in India,'' he said.

OneHub Chennai is developed by CapitaLand in ajoint venture with IREO and Japanese Consortium comprisingMizuho Bank and JGC Corporation.

The township at Old Mahabalipuram Road (or the famousIT corridor) is already home to eight global companiesincluding Ajinomoto, Hitachi Automotive, Maruchan, TakasagoInternational and Yamaha Music.

Daicel said, in October 2018, the companyestablished its sales base Daicel Safety Systems India afterwitnessing a growth in the automobile market, the releasesaid.PTI VIJ BN WELCOME WELCOME

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