Germany-based Freudenberg Group to invest Rs 400 cr in Punjab

Germany-based Freudenberg Group CEO Ulrich Kerber on Tuesday discussed with Punjab Chief Minister Amarinder Singh the modalities for investing Rs 400 crore in the state's automotive sector.

Amarinder assured Kerber of his government's full support and cooperation to undertake expansion in the state, a government statement said here.

Kerber informed the chief minister that the group was in constant touch with 'Invest Punjab' team for identification of suitable site for the new project, which would soon be finalised.

He told Amarinder that Vibracoustic India, an arm of Freudenberg Group, is a leading supplier of NBH (noise, vibration and harshness) solutions for automotive industry, with a presence in 19 countries, and a market share of 18 per cent.

It is a major supplier to companies such as Audi, Mercedes and Volvo, he added.

Vibracoustic India President and Head of Operatons Jagminder Bawa informed the chief minister that the group started its operation 20 years ago in Mohali.

He also pointed out that Vibracoustic India had worked out a proposal to invest for both Vibracoustic India and Freudenberg Sealing Technologies, another group company.

Amarinder appreciated the group's endeavours and said the new proposed project would further boost investment sentiment in the state, besides generating employment.

With his government's investor friendly policies and renewed confidence of entrepreneurs, Punjab has firmed up investments worth nearly Rs 60,000 crore on the ground since March 2017, he said.

Freudenberg Group, a global technology conglomerate, deals in multiple sectors such as mobility, energy, chemicals, household, textile with 50,000 employees in around 60 countries, and had a total turnover of more than 9.4 billion Euros in 2018.