Joint venture between Ashok Leyland, Alteams OY of Finland
Tiruvannamalai: An aluminium die-casting factory set up by Ashley Alteams India Private Limited (AAIPL), a joint venture between Ashok Leyland and Alteams OY of Finland in the Cheyyar Special Economic Zone, was inaugurated by Deputy Chief Minister M.K. Stalin and Finland Minister for Communication Suvi Linden on Wednesday.
Addressing the function held on its campus, Mr. Stalin said the company was established with an investment of Rs.132 crore. Initially, it would provide employment to 135 persons. When it reached full production potential, 500 persons would be employed. Production at the factory would initially be 7,000 tonnes annually. This would gradually be enhanced to 10,000 tonnes.
“Though there are companies like BALCO in India, such a huge aluminium casting manufacturing company never existed in Tamil Nadu. The State government has decided to purchase large number of buses from Ashok Leyland under Jawaharlal Nehru National Urban Renewal Mission (JNNURM),” he said.
Expressing satisfaction at the performance of the industrial sector in Tamil Nadu, he said: “The State is in the third place in attracting Special Economic Zones in the country. The State is also leading in overall industrial growth.”
During the current stint of the DMK government the State had attracted investments to the tune of Rs.46,091 crore, which would give employment to about 2,25,569 persons. It was ensured that the companies set up after signing MoU with the State government would give 75 percent of the jobs to local people and those belonging to the State. Ms. Linden said that the facility would play an important role in the economic development of India and Finland.
State Ministers E.V. Velu (Food); M.R.K. Panneerselvam (Health); T.M. Anbarasan (Labour); Veikko Kuusakoski, Chairman, Kuusakoski Group of companies, Finland; Petteri Wallden, CEO & President, Alteams; R. Seshasayee, Chairman, AAIPL; and S. Rajagopalan, CEO, AAIPL, were present.