Samvardhana Motherson lays cornerstone of EUR 100m plant in Hungary

Budapest, November 27 (MTI) – Indian automotive industry supplier Samvardhana Motherson Group laid the cornerstone of a 31 billion forint (EUR 100m) bumper plant in Kecskemet (C Hungary).

The company received a 7.7 billion forint government grant for the project which was declared “of priority importance” for the national economy.

The plant, built on a 94,000sqm plot, will employ 450 people.

Foreign Minister Peter Szijjarto said at the ceremony that the output of Hungary’s vehicle industry increased by 17 percent in the first nine months of this year to 6,000 billion forints (EUR 19.24bn). Vehicle industry accounts for more than 30 percent of Hungary’s manufacturing output and over 140,000 people work in the sector, he said.

Source: http://mtva.hu/hu/hungary-matters