VIJAYAWADA: THK, a Japanese company that manufactures linear motion guides for industrial equipment and transportation vehicles, said on Tuesday that it will be setting up a manufacturing unit in Andhra Pradesh.
The manufacturing facility, spread across 50 acres will start construction by August 2018, the release said.
THK established a sales office in India in 2012 and will establish their first India unit in Andhra PradeshThe MoU was signed by Akihiro Teramachi , President and CEO, THK and J Krishna Kishore, chief executive officer, APEDB, in the presence of Chief Minister N Chandrababu Naidu.“Economic growth in India would be the driving force in today’s world economy and demand for industrial machinery is likely to leapfrog substantially in the coming years.
THK signed a Memorandum of Understanding with the Andhra Pradesh Economic Development Board (APEDB), an APEDB press statement said.THK will be investing USD 200 million (Rs 1300 crore), with USD 50 million (Rs 330 crore) in the first phase in Sri City, Andhra Pradesh, and will manufacture linear motion guides to cater to the growth of the industrial market in India and increasing demand for THK products.
THK shall accelerate full-scale globalization by investing in Andhra Pradesh as major production supplies are located near the source of demand,” the statement quoted Krishna Kishore as saying.“Andhra Pradesh is also poised to catalyze investments in manufacturing owing to robust infrastructure for connectivity, enabling policies, integration with global value chains and a skilled and ready work force.
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