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CEO of German-based Group discusses Rs 400 cr investment in Punjab with Amarinder

CEO of German-based Group discusses Rs 400 cr investment in Punjab with Amarinder

Chandigarh, Feb 18 (UNI) German-based Freudenberg Group CEO Ulrich Kerber discussed the modalities for a 50 million Euros (more than Rs 400 crore) investment in the state's automotive sector with Punjab Chief Minister Amarinder Singh here on Tuesday.

The Chief Minister assured the Freudenberg Group of his government's full support and cooperation to undertake expansion in the state of Punjab.

Kerber, who called upon the Chief Minister, informed the latter that the Group was in constant touch with the Invest Punjab team for identification of suitable site for their new project, which would be soon finalised. He lauded the positive attitude of Invest Punjab in extending all possible support to the group for execution of their proposed plan.

The CEO told Mr Singh that Vibracoustic India, an arm of Freudenberg Group, was a leading supplier of NBH (noise, vibration and harshness) solutions for the automotive industry, with presence in 19 countries, and a market share of 18 per cent. It was a major supplier to companies such as Audi, BMV, Mercedes and Volvo, he added.

Jagminder Bawa of Vibracoustic India informed Mr Singh that the group started its operation 20 years ago in Mohali and generating employment potential of 1700. He also pointed out that Vibracoustic India had worked out a proposal to invest for both Vibracoustic India and M/s Freudenberg Sealing Technologies.

The Chief Minister appreciated the Group's endeavours and said the new proposed project would further boost the investment sentiment in the state, besides generating tremendous employment potential. He said that with his government's investor friendly policies, coupled with renewed confidence of entrepreneurs, the state had firmed up investments worth nearly Rs 60,000 on the ground since March 2017.

Notably, Freudenberg Group, a global technology conglomerate headquartered in Germany, deals in multiple sectors such as mobility, energy, chemicals, household, textile, with 50,000 employees in around 60 countries and total turnover of more than 9.4 billions Euros in 2018.

UNI DB SV 1729

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