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IFC to invest in Craftsman Automation

Source: Release Date:2010-06-28 64
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The International Finance Corp. (IFC) proposes to invest up to $37 million (Rs162 crore) in Coimbatore-based Craftsman Automation Pvt Ltd, to fund it's project that involves the setting up of four new units in strategic locations close to OEMs and their subsidiaries in the commercial vehicles and tractors segment. These new units will provide machining services to the OEM's and their subsidiaries. In addition to the new units, the project will also involve the expansion of the project company's existing facilities in India. The IFC board decision on the transaction will be finalised at its meeting scheduled to be held on June 18. The project will result in the creation of around 600 direct jobs and 300 indirect jobs over the next three years. Craftsman's investments in Jharkhand and Madhya Pradesh will result in increased employment and enhance the skill sets of local personnel.Kobe XII 12 Shoes
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