Swraj Paul to set up auto parts plants in India

Lord Swraj Paul's Caparo Group on Monday announced further expansion of its operations in India which will include new automobile spare parts manufacturing plants in Uttar Pradesh, Madhya Pradesh, Rajasthan and Haryana.

The group, chaired by the London-based NRI industrialist, is setting up the new plants at Chipanki (Rajasthan), Bawal (Haryana), Greater Noida (UP) and at Indore where it already has a similar manufacturing unit.

The Bawal plant is a joint venture with India's leading car maker Maruti like the existing manufacturing unit at Gurgaon.

The group expects to triple its turnover to Rs 300 crore (Rs 3 billion) this year, raising it to Rs 1000 crore (Rs 10 billion) in the next three years. The automotive parts will be supplied to leading automobile manufacturers such as General Motors and Eicher, besides Maruti.

Lord Paul, now on a visit to India along with Caparo CEO Angad Paul, explained in a speech tonight that he remained 'wholeheartedly optimistic' about the country of his birth.

"That is why even the younger generation in his family was keen to work in India," he said while making broad reference to the group's plans.

"India has the ability to sweep aside the obstacles once it starts working with full confidence. After all, the nation is run by a very strong, democratically elected government that has shown itself committed to its people and their well-being," he said while speaking on 'India - five years from now' at PHD Chamber in Delhi.