On Tuesday, Swiss Reiter Group announced that the company will invest 2.5 billion rupees to build a factory to manufacture cotton spinning technology machines near Pune, India.
On Monday, Zurich signed an agreement with the state of Maharashtra.
Currently, Maharashtra Governor Vilasrao Deshmukh is on a 10-day visit to Europe aimed at attracting European investment in India.
Reiter India, as a wholly-owned branch of the Reiter Group, has been operating in India since 1995. The Reiter Group was founded in 1795 and currently has branches in 20 countries around the world.
Deshmukh said that the history of textile production in Maharashtra exceeds 2,000 years, especially the art of Paithani sari woven with silk and gold threads, which is famous all over the world. At the same time, glittering satins woven from cotton and silk also enjoyed a great reputation.
Reiter Group believes that India is a major market, and the group’s innovative capabilities have become a huge driving force for India’s industrial development.
Reiter Group stated that the company will transfer most of its products to India for production, including the latest technology, aiming to form a highly localized enterprise to meet the needs of Indian customers.
