Automotive components manufacturer, Setco Automotive has announced its plans to invest Rs 250 crore in Gujarat. The announcement was made during the ongoing Vibrant Gujarat Global Investors Summit (VGGIS) 2009, in Ahmedabad, and an MoU has been signed between Setco and the Gujarat government.
Among other things, Setco will set up a new SEZ unit in Gujarat, at an investment of about Rs 75 crore, and invest Rs 50 crore towards the modernisation and expansion of its plant at Kalol, near Baroda. The company will also set up a new plant at Kalol, in a joint venture with German company, FTE Automotive, for which the total investment is estimated to be around Rs 100 crore.
One of the largest manufacturers of clutches for commercial vehicles, Setco Automotive employs more than 700 people around the world. The company has two manufacturing facilities in India, and one each in the UK and the US.