European power equipment maker Borri and Kerala-based Unitek Power Solutions, will jointly set up a Rs 30-cr manufacturing plant at the Ernakulam district to cater to Indian and overseas markets.
This is the first plant in India, Borri is partnering within the country. The new unit is expected to be completed in a year's time, Borri Managing Director Fausto Beoni told reporters here in India.
He said India is an "interesting country with a huge potential. Indian market will grow very fast". Borri plans to recruit Indian engineers who would be trained in Italy, he said adding 80 persons have already been recruited. More people would be taken in phases.
The new unit is expected to be completed in a year's time Unitek Managing Director John Zachariah said.
Unitek and Borri have been working together for over a year now and have made deep inroads into the Indian market, Zachariah said.
Borri will be taking a 10% stake in Unitek and the modalities in this regard are being worked out, he said.
Unitek expects a turnover of Rs 75 cr this year, he added.
