JLR to invest $2 billion in the Slovak Republic

Facility to be operational in 2018 and is expected to create 50,000 supplementary jobs in allied sectors

TTata Motor’s subsidiary and luxury car maker Jaguar Land Rover (JLR) will invest about $2 billion in a new manufacturing facility in the Slovak Republic. When operational in 2018, the facility is expected to create 50,000 supplementary jobs in allied sectors.

“We are happy to inform you all that the first Indian company to invest in the Slovak Republic is JLR. They will invest $2 billion in the first phase. We plan to generate 400 jobs in the plant and 50,000 supplementary jobs in the allied sectors,” the European nation’s economy minister Vazil Hudak said at an event at the World Trade Centre in Mumbai on Thursday.

Hudak said it was the best time to invest (in the Slovak Republic), as the country was safe politically and had a robust economy. He also met Tata Sons chairman Cyrus Mistry.

JLR had signed a letter of intent with the Slovak government in August to set up the  unit. The company then said it was doing a feasibility study to explore possibilities of setting up a plant, with an installed capacity of up to 300,000 vehicles a year.

The Slovak delegation has come to Mumbai to look for collaborations and Indian investments in engineering, information technology, and automobile components. The Slovak Republic is looking for Indian partners to start ventures in automobile, defence, agriculture, pharmaceuticals, renewable energy, mainly wind and solar energy.