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Strategies & Market Trends : India Coffee House

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To: Mohan Marette who wrote (7847)	10/6/1999 8:52:00 PM
From: Mohan Marette	Read Replies (1) of 12475

Italian furniture major Ferrari to pump in $280 mil in Kerala. Our Bureau (BL) KOCHI, Oct. 6 THE Italian furniture major, Ferrari is planning to invest nearly $ 280 millions in Kerala in the next seven years for two projects. As part of its new venture, the company is setting up a full-fledged furniture manufacturing unit including industrial automation products at the 180-acre Export Promotion Industrial Park in Kakkanad promoted by the Kerala Industrial Infrastructure Development Corporation (Kinfra), Mr. Adelchi Ferrari, Chief Executive, Ferrari, said at a press conference here on Wednesday. The proposed project will be completed in three phases and Italian technology will be used. The objective of the company is to revolutionise the furniture manufacturing technology. The Kerala State Industrial Development Corporation (KSIDC) will have 11 per cent equity in the venture. Kinfra's land will be taken as its equity, he said. The furniture major is looking at the domestic market as a major source for its products and plans to market 65 per cent products in India and 35 per cent abroad. In the initial stage, the company is focussing more on exports and the domestic market will be utilised on achieving higher production. The other project identified by the company is a furniture park in Mazhuvannur in Ernakulam district. About 65 acres of land owned by Kinfra will be utilised for the purpose and details are being worked out. The Italian delegation had met the Industries Minister and top officials of the Government at Thiruvananthapuram to discuss the particulars of the project.

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