By IANS,
Mumbai : Reiter Group of Switzerland Tuesday announced that it will set up a Rs.2.5 billion plant to manufacture cotton spinning machinery near Pune.
An agreement was signed in Zurich Monday between Maharashtra Chief Secretary Johny Joseph and Reiter India directors Peter Gnaegi and Micheal Enderlse.
Chief Minister Vilasrao Deshmukh, currently on a 10-day European tour to garner investments, and Reiter Group chief executive Hartmut Reuter were present on the occasion, Deshmukh’s aide told IANS here.
Reiter India has been operating in India since 1995 as a wholly-owned subsidiary of Reiter Group, which is in operation since 1795 with facilities in 20 countries worldwide.
Deshmukh explained to his hosts that textile production is over 2,000 years old in Maharashtra, particularly the art of weaving Paithani saris in silk and gold threads, which is renowned worldwide.
He also referred to the famed Mashru and Himru fabrics of Aurangabad, which are made of cotton and silk with the lustre of satin.
Reuter said Reiter Group considers India as a key market and its innovative momentum has been a powerful driving force for India’s industrial progress.
Reuter declared that the company would bring a majority of its products to India for local manufacturing, including latest technology incorporating a high degree of localisation and adaptation to suit the needs of Indian customers.
This is Dehmukh’s fifth foreign trip in past four years, accompanied by a high-level business delegation to seek mega investments for the state.