Gearspect India, wholly owned subsidiary of Gearspect Group a 90 million euro Czech group has set up an SSI unit in Pune.
The facility will manufacture gear measuring equipments and gear cutting machines required for automobiles, aeronautics, heavy engineering, construction equipment and defense sectors. The facility was inaugurated by Milan Hovorka, deputy minister for industry & trade and Miloslav Stasek, Czech Republic Ambassador. The company has invested Rs 6.5 crore for this SSI unit.
Jiri Horacek, CMD, Gearspect Group said that the company is also looking to set up an assembly unit for gear cutting machines in next two years and would start manufacturing gear cutting machines in next five years.
"Despite the trade potential, the bilateral trade fell last year due considerable decline in import of automobile components from the Czech Republic, which traditionally constitutes its main export item to India. Current trade between India and Czech is around $1.3 billion and is expected to remain flat in future," said Hovorka.
Czech companies like Bonatrans and Wikov Transmissions are investing 50 and 15 millon euros respectively in Pune and Aurangabad. Majority of the investment made by Czech companies will be in Maharashtra. Czech Republic's 80% trade is done with Europian Countries.
