Aiming to boost competitiveness in the Indian capital goods sector, the Centre on Monday approved five projects at a cost of Rs 175 crore including the one at Tumakuru.
The Ministry of Heavy Industries and Public Enterprises said 500 acres of land had been earmarked for the first of its kind integrated machine tools park to be set up near the Japanese Park in the National Manufacturing Investment Zone at Tumakuru.
The Centre will provide Rs 125 crore for the Rs 421-crore project. When implemented fully, the park is expected to double Indian turnover of machine tools to Rs 9,000 crore, with matching saving in imports/forex. More than one lakh jobs in primary and secondary manufacturing sectors as well as in commercial/ Administrative arena will be created, said the statement from the ministry.
The second project relates to setting up a welding technology Centre of Excellence in PSG College of Technology, Coimbatore and for which the government will provide Rs 21.10 crore.
The third approval given to HMT Machine Tools Limited is related to manufacturing lathe and turning mill centre in collaboration with Fraunhofer of Germany. A grant of Rs 1.54 crore will be given to the company. This will be the first step by the company towards technology modernization, the statement said.
The fourth proposal is from HEC, Ranchi. Under the present approval, HEC has collaborated with CNIITMASH, a Russian government Industrial Technology Research Institute for the Rs 50-crore project.
Deccan Herald is on WhatsApp Channels| Join now for Breaking News & Editor's Picks