Swiss-based Stadler to consider manufacturing rail coaches in Visakhapatnam
The Dollar Business Bureau
Chief Minister of Andhra Pradesh, N. Chandrababu Naidu has managed to rope in investment for the fledgling city of Visakhapatnam yet again. As part of his trip to Davos, of which the main agenda is the annually held World Economic Forum (WEF), the Chief Minister has piqued the interest of a major Swiss-based train manufacturing concern, Stadler.
According to Chief Minister's Office (CMO), Stadler has agreed to set up a locomotive and rail coach manufacturing unit in Visakhapatnam, its second such unit in India after the one already existing in Kanchrapara, West Bengal.
“The Chief Minister, during his talks with Stadler executives, invited them to set up their manufacturing unit in AP and they consented to it,” the release from CMO stated.
Stadler, which has a presence in 11 locations across Europe, Africa, Australia and United States, expressed its interest in expanding further in India and USA. "We plan to make India the southeast Asian hub for manufacturing rail coaches and locomotives,” Peter Jenelten, Executive vice-president, Stadler Rail AG, was quoted.
The international rail-vehicles making behemoth is also said to have bagged the contract of manufacturing rail coaches for the proposed metro-rail projects in Amaravati and Visakhapatnam.
In his bid to make the investment opportunities lucrative, the Chief Minister, during his presentation to the Stadler executives, cited AP's no.1 rankings in 'ease of doing business' and disclosed the state's impressive growth rate of 10.9% in year 2015-16.
"As per your requirement we have a long coastline and good ports with no shortage of power, water, and infrastructure. In addition to this, we are centrally located and have excellent road and rail connectivity on all sides," said the Chief Minister.
This is AP Chief Minister Chandrababu Naidu's third consecutive year at the WEF, projecting and strengthening the state's image as an investment destination. In 2015, AP was ranked third in terms of volume of FDI, after Gujarat and Maharashtra. With more and more foreign investment pumping the growth engines of AP, the world is beginning to see the potential of the 'Sunrise State' of Southern India.