APRIL 26, 2012 AT 2:27 PM
BY MELISSA BURDEN THE DETROIT NEWS
An automotive supplier from India will open a manufacturing facility in Detroit that is expected to generate up to $18.6 million in private investment and create up to 183 jobs, according to an announcement Thursday from the Michigan Economic Development Corp.
The MEDC said the Michigan Strategic Fund will give a $1.5 million incentive to Sakthi Automotive Group to set up shop in Detroit. The company had been looking at a site in South Carolina, the MEDC said.
"Sakthi Automotive is a global leader in the automotive supply chain and this decision to locate its first North American facility in Detroit demonstrates Michigan's strong advantages as a great place to do business," MEDC President and CEO Michael Finney said in a statement.
Sakthi Automotive is a division of the Sakthi Group and is a supplier of auto components such as steering knuckles, control arms, brake drums, brake discs and calipers to automakers. The company plans to buy and upgrade an existing vacant building in Detroit, and Detroit has offered a 12-year tax abatement worth $903,000 for the project, according to the MEDC.
Investment on the project will begin this year and job creation will "ramp up beginning in 2013," according to a briefing memo from the MEDC.
(Source : http://www.detroitnews.com/article/20120426/AUTO01/204260458/1148/auto01/India-s-Sakthi-auto-supplier-open-Detroit-facility-create-183-jobs)
BY MELISSA BURDEN THE DETROIT NEWS
An automotive supplier from India will open a manufacturing facility in Detroit that is expected to generate up to $18.6 million in private investment and create up to 183 jobs, according to an announcement Thursday from the Michigan Economic Development Corp.
The MEDC said the Michigan Strategic Fund will give a $1.5 million incentive to Sakthi Automotive Group to set up shop in Detroit. The company had been looking at a site in South Carolina, the MEDC said.
"Sakthi Automotive is a global leader in the automotive supply chain and this decision to locate its first North American facility in Detroit demonstrates Michigan's strong advantages as a great place to do business," MEDC President and CEO Michael Finney said in a statement.
Sakthi Automotive is a division of the Sakthi Group and is a supplier of auto components such as steering knuckles, control arms, brake drums, brake discs and calipers to automakers. The company plans to buy and upgrade an existing vacant building in Detroit, and Detroit has offered a 12-year tax abatement worth $903,000 for the project, according to the MEDC.
Investment on the project will begin this year and job creation will "ramp up beginning in 2013," according to a briefing memo from the MEDC.
(Source : http://www.detroitnews.com/article/20120426/AUTO01/204260458/1148/auto01/India-s-Sakthi-auto-supplier-open-Detroit-facility-create-183-jobs)
The automotive market in India has experienced incredible growth in the 3 years after the nation's government partly started out the highly controlled domestic auto market place in the early 1980's and especially after the extensive economic changes in 1991. Within a relatively short time, Indian has appeared as a major player in the international market. Indian Supplier Report
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