By IANS
Mumbai : City-based pipe manufacturing major Man Industries Ltd (MIL) announced Friday that it would invest $100 million (Rs.4 billion) to open a new manufacturing facility in the US.
The plant will be spread over 162 acres in Little Rock Port in Arkansas and will employ 250 people.
The plant would have the capacity of producing 300,000 tons of pipes annually. These pipes would be used primarily in the petroleum industry.
The company would begin production by early 2009. The facility would serve as MIL’s headquarters for North and South America operations.
“The execution of the first facility outside India is significant for MIL, as we strengthen our presence in the US market and take an important step towards investing in this region,” said Ramesh Mansukhani, chairman of MIL.
“MIL is very confident about its future growth opportunities in the US,” he added.
Arkansas Governor Mike Beebe welcomed MIL’s move and said: “Arkansas’s reputation as a destination for foreign companies looking to bring investments and jobs to the US continues to grow.”
Currently, MIL has two manufacturing facilities in Gujarat and Madhya Pradesh.