CX Precision Mechanical (India), a subsidiary of Chunxing Group Company based in China, and a leading manufacturer of castings, CNC and stamping products serving automotive, telecom, electronics, medical and aviation Industries, yesterdat signed an agreement with Sri City to set up its manufacturing facility in Special Economic Zone (SEZ).
Commenting on their investment, RN Kannan, General Manager, CX Precision Mechanical (India) said: “Our Directors Jack Mao and Carvin Chen are planning to setup a big facility with a total investment of 100 crore to cater the export market and the huge Indian market in a long term course. The first phase of the facility has been established with an initial investment of Rs 40 crore, the manufacturing facility is expected to commence production from October 2012 and provide employment to around 300 people and indirect jobs to 500 people”. The new unit’s products will be catering to the market base of leading players like Nokia Siemens Networks (NSN), Sanmina-SCI and so on with further focus on multiple sectors in the near future.
“Sri City is a great location with favourable government support, availability of labour and conducive business environment. We are confident that our manufacturing facility in Sri City will enable us to increase our production pace and reduce the risk of transportation to meet the local demand”, he added.
Ravindra Sannareddy, Managing Director, Sri City, said: “ It is another milestone for Sri City which is well on its way to becoming a true ‘World City ’ with the convergence of companies from all over the world at this plug-n-play integrated business zone. Currently, we have companies from over 22 countries spanning the globe from the US to Japan. While this is only the second Chinese firm to come to Sri City, we have a strong pipeline and we expect to have at least 4-5 more companies in the next six months”.