9/6/2012 10:30:00 AM
NEWS BRIEFS
Punjab Fastener Manufacturers Eye Relocation
Citing power shortages, rising land costs and unfavourable policies for them in Punjab, fastener manufacturers in India are planning to set up a cluster in Gujarat by investing Rs 1,000 crore, the Hindu Business Line reports.
“We have made up our mind to set up a fastener cluster in Gujarat as the State offers immense potential to us because of the presence of a host of industries in the field of refinery, power and automobile and our products can be used in these sectors in a big way,” stated Narinder Bhamra of the All India Fastener Manufacturers Association.
If completed, the cluster will be comprised of 50 to 60 units on potentially a 100-acre plot.
The fastener industry in Punjab has an annual production of Rs 5,000 crore from 1,200 units. Three-fourths of the output is for domestic use.
The industry sees export potential in the move because of the sea port in Gujarat, according to the Business Line.
“As we will be near the port, we can also import cheap raw material from China and Taiwan which will help us in reducing our input cost,” Bhamra said. ©2012 GlobalFastenerNews.com
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