Spanish firm to set up PCB plant in B'lore

CIPSA, a $60 million Spanish printed circuits boards firm, has set up a joint venture with Bangalore-based RIC India, which will have a 51 per cent stake, to set up a PCB manufacturing plant in Bangalore.

The JV has made an initial investment of $2 million and is expected to increase its investments upto $15 million depending on the availability of land for expansion in Bangalore.

Announcing this here on Friday, Anil Gupta, vice-chairman, CIPSA-RIC said: "We have 3 acres of land in Doddaballapur where we are setting up our plant with a capacity of 3,500 sq metres of PCBs and will employ around 400 people."

He added that they have requested Karnataka government to sanction 15 acres for further expansion.

"There are some delays in the process. If the government gives us land and subsidised power, we are willing to invest upto $15 million in Bangalore for expansion. If not we will explore Andhra Pradesh and Uttaranchal for further expansion," he added. This joint venture is being advised by Karnataka's former chief secretary B S Patil.

Evaristo Michavila, CEO, CIPSA & chairman CIPSA-RIC India said: "Due to increasing costs in Europe, we were looking for opportunities to co-operate with companies in South East Asia. Bangalore has been growing significantly despite infrastructure problems."

The company is hoping that the government will take appropriate steps to ensure the investments keep flowing in.

"We do have plans to grow and invest more in India, specifically Bangalore and the surrounding region. We are optimistic that state government will support our initiatives. However, we have not yet seen proactiveness in getting us suitable land allotted," he added.