Mr. Vilasrao Dashmukh, Maharashtra Chief Minister, met Mr. Roberto Colaninno, Piaggio Group Chairman and Chief Executive Officer, in Rome during his recent visit to Italy with a Maharashtra Government delegation from Mumbai.
The Piaggio Group has been having its operations in Maharashtra since last 10 years, primarily for production and marketing of three- and four-wheel commercial vehicles. Piaggio Vehicles Private Ltd. (PVPL), an Indian company wholly owned by Piaggio, produced approximately 155,000 vehicles in 2007 with revenues of Euro 238 million. In the first six months of 2008, PVPL shipped 81,300 vehicles, an increase of 10.7 per cent over the first half of 2007, bringing in revenues totalling Euro 122.6 million, representing an increase of 10.2 per cent. The company is currently the market leader in the three-wheeled commercial vehicle segment in India.
At the Rome meeting, Mr. Azeez M. Khan, Principal Secretary (Industry) of Maharashtra, and Mr. Ravi Chopra, PVPL Chairman and Managing Director, signed a joint memorandum confirming Piaggio’s plan of implementing a major industrial project in Maharashtra as part of its strategy for growth in India and Asia. The proposed factory in Maharashtra to manufacture engines for the company’s commercial vehicles, which involves an investment of Euro 60 million, is scheduled to begin production in 2010.
