Alwar (Rajasthan), Oct 1 (IANS) Engineering and technology company Metso commenced work Wednesday to set up a 49-acre multi-functional industrial facility, Metso Park, in this Rajasthan district.
The company will invest close to Rs.1.65 billion ($35.8 million) over two years to develop the industrial park. The facility will be fully operational by 2010 and will create around 700 jobs.
Metso has planned an investment of approximately 40 million euros ($56.5 million) last year for Metso Park, expansion in foundry and factory operations and office facilities in India.
Metso Park will include office premises, several workshops, warehousing and a logistics centre.
'India's developing infrastructure sector provides us an excellent opportunity. This industrial park concept is the first of its kind for Metso and represents a milestone in our growth strategy,' Metso Minerals president Matti Kahkonen said at the function to mark the commencement of work.
Added Metso Minerals senior vice-president Sudhir Srivastava: 'Metso Park will not only cater to the demand of the Indian customers but will also help meet demands of other Metso customers through exports in Asia.'
The new facility will host both Metso's own new operations and selected key suppliers from India and Europe.
Metso Park will initially manufacture components of mobile crushing and screening plants, conveyors, slurry pumps and rubber products for the construction and mining customers in India and for export.
Metso Corp, a global engineering and technology company, posted net sales worth 6.2 billion euros ($8.7 billion) in 2007. The company has more than 27,000 employees serving customers in over 50 countries.
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