IFC to invest Rs 110 cr for WII's Hosur plant
International Finance Corporation (IFC), part of the World Bank group, is planning to invest around $25 million (Rs 110 crore) in WEG Industries (India) Pvt Ltd. The proposed investment is to support the company’s upcoming manufacturing unit at Hosur in Tamil Nadu.
WEG Industries (WII) is fully-owned by WEG SA, Brazil.
“The project cost is estimated at $95 million (around Rs 418 crore), of which half is attributable to production machinery and approximately one-quarter for civil works and leasehold. The balance is working capital, information technology, and pre-operational expenses,” according to IFC.
The unit is located in the Sipcot Industrial Complex, Phase II at Hosur. This will be the first greenfield plant for WEG outside the Americas. It is expected to create around 250 direct jobs.
WEG engineers and manufactures capital goods, especially electric motors, generators and transformers.