Chennai, Oct 9 (IANS) German electrical cable management systems and products company OBO Bettermann plans to increase its investments in India to 25 million euros ($31.7 mn) by 2017 as it gets ready to inaugurate its new plant here, said a top official of its Indian subsidiary.
“Our new plant will go on stream Friday. A total of Rs.80 crore has gone into that facility to make cable management systems and other metal products. Soon a development and testing centres will also be established here,” OBO Bettermann India managing director S. Gopakumar told reporters here Thursday.
The German company is finalising further investments in India which will enhance the total investment to 25 million euro by 2017, he added.
The Indian company is a joint venture between the 500 million Euro OBO Bettermann and Gopakumar and his family members.
A major portion of the equity is held by the German company.
According to Gopakumar, the Indian facility would also cater to export markets like Sri Lanka, Bangladesh and the Middle East.