India gets major investment boost during Piyush Goyal's Italy visit as top firms pledge expansion, increased commitments

New Delhi [India], June 5 (ANI): India has received significant support from global companies and investors during Commerce and Industry Minister Piyush Goyal's visit to Italy, as several leading Italian companies announced plans to expand their presence and double down on investments in the country.

During the meeting with Union Commerce Minister, Italian automotive components manufacturer Carraro Group announced ambitious expansion plans for India.

The company will commit to investing Euro 350 million over the next five to seven years, nearly doubling its current investment base.

"We have invested around 200 million euros in India and currently employ 1,600 people. We want to increase our investment to 350 million euros in the next 5-7 years," Carraro Group Chairman Enrico Carraro told reporters.

Francesco Sequi, CEO of Carraro India, emphasised the significant growth potential in the Indian market. "Investing in India has seen large growth for our business. Our business in India has a big space to grow. The Indian government is very helpful," Sequi said.

Meanwhile, UFI Filters, a key player in filtration and thermal management technologies, also announced its decision to double its investment in India to meet rising demand and support local manufacturing.

Speaking to media representatives following a meeting with the Commerce and Industry Minister, Girondi expressed confidence in the company's Indian operations and outlined ambitious growth targets for the region.

Adding to the momentum, CEO Stefano Toschi announced that Italian speciality food company Toschi Vignola will significantly increase its business operations in India, leveraging the country's growing economy and evolving food preferences.

"India is our main focus for the future, based on the growth and population of the country," Toschi told ANI.

"India has love for traditional food, but Indians are also looking for Western foods, and that is the opportunity for companies like us," he added.

The CEO emphasised that India's robust economic growth and the strong diplomatic relations between India and Italy create favourable conditions for business expansion.

"India is a growing economy. The relationship between India and Italy is good for our business," he said.

Toschi Vignola, with its flagship black cherry products, boasts more than 400 product references spanning fruit preserves, syrups, spirits, and coffee solutions.

The company has established a strong presence in over 80 countries, serving bars, restaurants, ice cream shops, and pastry establishments worldwide.

These developments, during the two-day visit to Italy, highlight the strengthening trade and investment ties between India and Italy, with Piyush Goyal's high-level engagements with top CEOs playing a catalytic role in attracting fresh investments.

Piyush Goyal met the CEOs of several leading companies here. Apart from Giorgio Girondi, they included Stefano Toschi, CEO, Toschi Vignola; Marco Nocivelli, CEO, ERTA Refrigeration; Enrico Carraro, Chairman, Carraro Group; Daniele Forni, Managing Director, SOL Group; and Laura Tarquinio, Owner and CEO, iMoon lightning Srl.

The announcements are seen as a significant push for the 'Make in India' and self-reliant manufacturing goals, while also boosting job creation and technology transfer. (ANI)

(The story has come from a syndicated feed and has not been edited by the Tribune Staff.)