Sign In  |  Join Free  |  Contact |  Help

Home > News > Company News > Punjab fastener makers plan to invest Rs 1,000 cr in Gujarat

Punjab fastener makers plan to invest Rs 1,000 cr in Gujarat

By Unknown , 2012-09-18 12:00:00

Share to:


Citing power shortages, rising land costs and unfavourable policies for them in Punjab, the state's fastener manufacturers are planning to set up a cluster in Gujarat by investing Rs 1,000 crore initially.

Fastener manufacturers see huge growth potential in Gujarat by tapping several sectors like refinery, power and automobile sectors which have a strong base in the Western state, company officials said. The industry's problems in Punjab include power shortage that is hampering the growth of the industry, they added. "We have made up our mind to set up a fastener cluster in Gujarat as the state offers immense potential to us because of the presence of a host of industries in the field of refinery, power and automobile and our products can be used in these sectors in a big way," All India Fastener Manufacturers Association, Narinder Bhamra said.

A fastener mechanically joins or affixes two or more objects together. Examples include nuts, bolts, screws and washers. Fastener industry in Punjab has annual production of Rs 5,000 crore from 1,200 units and out of which exports constitute 25 per cent of total size. The industry also sees export potential because of sea port in Gujarat which will further provide impetus to fastener shipments.

"Initially we will be investing Rs 1,000 crore for setting up a fastener cluster comprising 50-60 units," Bhamra said.

A delegation of fastener makers led by Narinder Bhamra is visiting Gujarat on September 15 to meet with the senior officials of Gujarat government in order to work out issues like land, incentives, approvals etc. To start the project. "We are looking at 100 acres of land in Ahmedabad to start our venture," he said.

Fastener makers are not the first one to invest out of Punjab. State-based textile majors including Trident, Vardhman Group have already invested in other states including Madhya Pradesh to expand their business. Another reason for moving to Gujarat is the state government's "non-caring" attitude towards their industry, Bhamra said.

 

Remark on News

Overall Rating0 reviews

  • 0 People
  • 0 People
  • 0 People
  • 0 People
  • 0 People

Evaluate the Details

Overall Rating:
Click the stars of the show rated
logo

Free Submit for Publication

Fastener News,Import & Export Statistics Reports,Industrial Actives,Exhibition,Forum etc.are welcome

word,image,excel,txt,pdf,rar,zip only