At least 125 new foundries will come up in West Bengal at an investment of nearly Rs 2,500 crore, an Institute of Indian Foundrymen (IIF) official said. The establishments will be set up in foundry parks located in Ranihati, Amta Road, Uluberia (both in Howrah) and Raniganj-Asansol belt, IIF president Vijay Beriwal said.

At present the state has 350 foundries, mostly in Howrah, Durgapur and Asansol, employing nearly one lakh people. The foundry sector is receiving a lot of inquiries and orders from the US and Europe with buyers trying to reduce their dependence on China, industry officials said.

China is the market leader in producing castings in the world with 35 per cent global market share, while India accounts for 15 per cent of the global volume, they said. “Due to uncertainties in China-US ties, and European buyers shifting their focus to India, the foundry industry in the country is bound to gain,” the associations former president Ravi Sehgal said.

Export of foundry products in August-September 2020 has reached the level of the corresponding period last year, he said. “We are going strong after overcoming pandemic woes,” Sehgal said.

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Source: https://www.devdiscourse.com/article/business/1229545-125-foundries-to-come-up-in-west-bengal

West Bengal, Foundry, India, Industry

World news – US – 125 foundries to come up in West Bengal | Business

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