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General Forum: Govt. and Politics | | Naidu clinches Volkswagen deal | |
| Europe and West there is no market other than India.
Posted by: Mr. M Kumar N At: 10, Dec 2003 5:51:24 PM IST
Hyderabad, Dec. 9: Volkswagen is coming to India! And Andhra is the chosen State. German automobile major Volkswagen AG has finally made up its mind and chosen Visakhapatnam to set up a Rs 1,700-crore greenfield car assembly plant — its first in the country.
Sources in the Department of Industries told Deccan Chronicle that an intimation to this effect was received last week from Volkswagen. The sources added that despite the intimation no official communication has been received on the matter so far.
Volkswagen Board of Directors met on November 21 to discuss the project. The board had then sent a message to the State that it would get back again in the first week of December. “Accordingly, we received an intimation last week, stating that the project at Visakhpatnam has been cleared,” sources said.
In all probability, a formal agreement for setting up the plant in Visakhapatnam would be signed when Volkswagen chairman Bernd Pischetsrieder holidays with his family in the coastal city in the first week of January. He will also review the proposed project site there.
The State has offered to hand over the required land free of cost, besides other sops.
Posted by: Krishna P At: 10, Dec 2003 2:21:41 AM IST
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