Rieter to invest $50mn on textile machinery facility
12 Apr '07
1 min read
Rieter, the Switzerland based industrial group with activities in all regions of the world is a leading supplier of machinery products and services for textile industries, plans to invest about $50 million for textile machinery manufacturing capacities during next five years.
According to Hartmut Reuter, Chief Executive Officer of Rieter, textile market in India is booming, thus it would be appropriate to invest here, and with Government's Technology Upgradation Fund Scheme (TUFS), machinery sales has increased three folds.
Rieter is planning to expand its existing facility in Pune which is operated by its subsidiary Suessen Asia Pvt Ltd. The company will start with ring spinning machinery facility and eventually expand by including entire line of textile machinery.
The company, at present has 1,100 employees across six locations in India.
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