Swraj Paul to set up shop in Rajasthan

UK-based industrialist Swraj Paul has shown interest in setting up a fasteners manufacturing plant in Rajasthan.

Britain-based industrialist Swraj Paul has shown interest in setting up a fasteners manufacturing plant in Rajasthan.

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Caparo, the Britain-based group owned by Lord Paul, will invest Rs.1.5 billion ($34.3 million) on the project in the next five years, said a senior official of the Rajasthan State Industrial Development and Investment Corp.

The group has asked for 11 acres in Chopanki industrial area, Alwar district, said the official after talks with Viraj Naidu, executive director of Caparo Fasteners.

The group will invest Rs.390 million ($$8.9 million) initially on the fasteners plant and Rs.200 million ($4.6 million) in the next phase.

Caparo has a turnover of $750 million worldwide and runs a joint venture with Maruti Suzuki at Gurgaon, Haryana. It also has projects at Halol (Gujarat), Bawel (Haryana) and Indore (Madhya Pradesh).

The official said Caparo was also looking for land for more auto projects in Rajasthan.