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Heavy Industry Ministry approaches Czech firms to scale up investments in India

Heavy Industry Ministry approaches Czech firms to scale up investments in India

A high level industry delegation led by Department of Heavy Industry Secretary Asha Ram Sihag has approached Czech companies, including Skoda Transporation, to scale up their investment in India, an official statement said on Thursday. The Department of Heavy Industry in association with India's Embassy in Czech Republic had organised India Investment Meet on October 8.

"A high level government - industry delegation led by the Secretary is reaching out to top Czech companies, including Skoda Transporation to scale up their investment in India, leveraging the country as their global supply chain hub," it said. Addressing global companies and technology heads, Sihag said Volkswagen Group is investing 1 billion Euros (about Rs 7,800 crore) in implementation of its project in India for developing new models, including a mid-size SUV to be showcased in 2020.

The technical development of new products will take place in India. Skoda Transportation, which has developed hybrid vehicles and electric buses, holds specific interest for India in technology transfer and product development in the e-vehicle market, he said.

Sihag added that India has set a target of raising the size of capital goods sector to Rs 7.5 lakh crore in 2025 from Rs 2.30 lakh crore in 2014-15, raising direct and indirect employment to 30 million from 8.4 million at present.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)



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