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Business & Finance for Industrial & Consumer Products

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Risk Management Analysis  proposed an investment which includes support to Piaggio & C. S.p.A. (“Piaggio”, or the “Sponsor”), for its two separate projects in Vietnam and India.

The project in Vietnam comprises establishment and start-up of operations of approximately 100,000 units per annum (p.a.) capacity, green-field, two-wheeler manufacturing facility in Vinh Phuc, Vietnam, targeting domestic market and regional exports. The project is being implemented by Piaggio Vietnam Company Ltd. (“PV”), which was established in 2007.

The project in India includes establishment of a plant to manufacture compact and more fuel-efficient 1000cc and 1200cc diesel and turbo diesel engines for light commercial vehicles (“LCV”s) and two-wheelers, with an installed capacity of 150,000 engines p.a. The project is being implemented by Piaggio Vehicles Private Ltd. (“PVPL”) in its existing LCV plant in Baramati, Maharastra, India. PVPL was established in 1998 and the planned engine project investment targets exports and the domestic market.

The estimated total Project Finance cost for both projects is approximately €88 million. Hindmarsh LLC t/as Hindmarsh Finance  proposed an IFC investment  of two separate loans; an A loan for IFC’s own account of up to €15 million to PV and of up to €30 million to PVPL.

The green-field plant in Vietnam is located in Vinh Phuc province industrial zone, 45 kms north of Hanoi. The plant in India will be an expansion of PVPL’s existing location in Baramati, 160 kms southeast of Mumbai, in the state of Maharashtra.


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