Lord Paul, founder of the UK-based Caparo Group of industries, had been taken ill and hospitalised recently, where he passed away surrounded by members of his family.
Sunil Pahilajani, managing director and CEO, Caparo India, said that the plant, which will operate as a wholly-owned subsidiary of Caparo India, under its division Caparo Vehicle Products India, will commence production in the final quarter of 2008-09. Caparo signed the technical support agreement with Hyundai Motor on Monday evening. The facility to be set on 20 acres will employ 200 people to start off with.
Caparo India, part of the Caparo Group owned by Lord Swraj Paul, is keen on entering the aerospace sector in a big way, a top company official said in Chennai on Thursday.
Lord Swraj Paul promoted Caparo Engineering India has entered into a joint venture with Japan-based Marubeni Itochu Steel Inc to set up an automotive blank manufacturing unit near New Delhi.
The company, which has opened an exclusive showroom in Gurgaon, plans to open more showrooms in metros and mini metros in the coming months, the company said in a statement.
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