Italian Giants Boost Investment in India as Economic Partnership Deepens
During a visit by India's Commerce and Industry Minister Piyush Goyal to Italy, top Italian companies, including Carraro Group and Toschi Vignola, announced substantial investment plans in India. These developments underscore the strengthening economic ties and mutual benefit derived from the India-Italy partnership.
- Country:
- India
India's economic landscape is poised for a significant boost following Commerce and Industry Minister Piyush Goyal's recent visit to Italy. Leading Italian corporations, such as Carraro Group, have unveiled ambitious plans to expand their operations and double investments in the Indian market. During a meeting with the Union Commerce Minister, Carraro Group, a prominent player in automotive components manufacturing, committed to investing 350 million euros over the next five to seven years, nearly doubling its current footprint in India.
Carraro Group Chairman, Enrico Carraro, announced the strategic move, revealing the company's intention to scale its investment base from its current 200 million euros. The expansion aims to tap into the substantial growth potential within India, as stated by Francesco Sequi, CEO of Carraro India. Sequi credited India's supportive government and burgeoning market demand as key drivers behind the expansion plans. Similarly, UFI Filters, specializing in filtration and thermal management technologies, declared its intention to double its investment in response to increasing demand and to bolster local manufacturing capabilities.
In a series of engagements during the two-day visit, Girondi from UFI Filters expressed optimism regarding the company's operations in India, with ambitious growth targets set for the region. Adding to the wave of investments, Stefano Toschi, CEO of Toschi Vignola, highlighted plans to significantly advance their business presence in India, leveraging the country's economic growth and evolving culinary tastes. Toschi emphasized the positive bilateral relations between India and Italy, as well as the Indians' openness to Western foods, as significant opportunities for expansion. This momentum is fueling a surge in trade and investment relations between the two nations, in alignment with India's 'Make in India' initiative and efforts towards self-reliant manufacturing.
(With inputs from agencies.)
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