Tata, Hitachi Will Invest in New Plant
India's Telco Construction Equipment Co. Ltd. says it will invest $152 million to set up a construction equipment manufacturing facility and a research & development center in the eastern Indian state of West Bengal.
Telco is a 60:40 joint venture between Tata Motors Ltd. and Japan's Hitachi Construction Machinery Co. Ltd.
The new facility is needed to meet a rising demand for construction equipment in India.
The facility will be built in three phases.
The first phase to be completed in March 2009.
The last phase in March 2011.
"In addition, a vendor park will be set up on a 90-acre plot for about 20 strategic partners, who will separately invest about INR5 billion, ($125 million)" the company said.
Japan and India are good friends.
For now.
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