At a time when global markets are highly volatile, setting up industrial units around Pune seems to be a safe option for multinational companies. The US-based glassmaker Corning Inc and South Korean electronics giant LG have committed an investment of Rs 1,200 crore for setting up manufacturing facilities around the city.
Corning Inc, which makes specialty glass and ceramics, is planning a Rs 600-crore greenfield facility near Pune's Chakan. It plans to manufacture glass, used in liquid crystal display (LCD) flat-screen TVs, said Dr K. Shivaji, acting Industries Secretary of Maharashtra.
Dr Shivaji said that the new unit has the potential to provide employment to 550 persons. About 50 acres of land has already been allocated to the company and preliminary soil testing has commenced. The company will not only manufacture glass but also optical fibres, he said.
Corning is present in verticals such as display, environmental and telecommunication technologies. It also provides equipment for scientific laboratories.
Dr Shivaji said that LG has also committed similar investment of about Rs 600 crore for expanding its Ranjangaon facility near Pune. The new unit will require about 150 acres and it can provide employment to about 1,000 persons, he said.
The company will continue to produce its present line of products like LCDs, TVs, air conditioners and mobile phones.
Dr Shivaji said that contrary to the public perception Maharashtra continues to attract large scale industrial investments, “The Maharashtra Industrial Development Corporation has received 7,000 applications for setting up industrial units around Chakan. It translates into an investment pipeline of about Rs 70,000 crore. Engineering, automobiles and auto-ancillary companies are keen to invest here,” he said.
Dr Shivaji also added that the recently signed Memorandum of Understanding with Foton Motors of China was very much on track and all the formalities for handing over the land near Pune have been completed, he said.