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German firm to set up ₹400 crore auto project in Punjab
CHANDIGARH
CHANDIGARH
Germany-based Freudenberg Group chief executive officer (CEO) Ulrich Kerber on Tuesday discussed with chief minister Capt Amarinder Singh the modalities for investment of 50 million Euros (approximately ₹400 crore) in automotive sector in the state.
Kerber informed the CM that the group was in constant touch with the Invest Punjab team for identification of a suitable site for their new project. Amarinder assured Kerber of his government’s full support and cooperation to undertake expansion in the state, according to an official release.
The CEO told the CM that Vibracoustic India, an arm of Freudenberg Group, was a leading supplier of NBH (noise, vibration and harshness) solutions for the automotive industry, with presence in 19 countries, and a market share of 18%. It was a major supplier to companies such as Audi, BMV, Mercedes and Volvo, he added.
Jagminder Bawa of Vibracoustic India said the group started its operation 20 years ago in Mohali and generating employment potential of 1,700. He also pointed out that Vibracoustic India had worked out a proposal to invest for both Vibracoustic India and M/s Freudenberg Sealing Technologies.
The CM said the new proposed project would further boost investment sentiment in the state.
Invest Punjab CEO Rajat Aggarwal, adviser, Invest Punjab, major BS Kohli (retd), additional CEO Isha Kalia and additional principal secretary to CM Jitendra Jorwal were among those present.
