ZF Engineering setting up automobile unit.

German auto component major ZF Engineering is expanding its footprint in India by setting up a new facility at Chakan. The company will invest about Rs. 150 crore in this facility and will employ 350 people.

The plant is expected to be operational in the beginning of 2015. This facility will develop passenger car power trains and technology for commercial vehicles.

'For 30 years ZF has been present in the Indian market. In the years to come, we still see considerable potential in the Indian automotive industry. India will contribute to the growth of the ZF Group which will be strongly driven by Asia-Pacific region. India's strong population and economic growth calls for massive infrastructure expansion. Despite the not entirely easy situation at present, the Indian economy will continue to grow over the long term. We are well prepared for that,' said Rudolf von Meister, President Asia Pacific.

BS