Rico Auto to set up new plant in Gujarat

Rico Auto Industries Limited is setting up a manufacturing facility for making auto components at Halal in Gujarat to cater the demand of the customers in the two-wheeler and four-wheeler segments.

Production from the plant is expected to commence in May 2019. While the initial investment is said to be Rs 1.10 crore, the mode of financing is through internal accruals.

Last year, Rico Auto Industries had proposed to set up a facility to produce parts and accessories of motorcycle in Haridwar, Uttarakhand.

In regard with this, it had filed Industrial Entrepreneur’s Memorandums with the Commerce Ministry’s Department of Industrial Policy and Promotion (DIPP).

Image Credit : images.financialexpress.com

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