L&T, Schneider Electric pulling out of Nashik
Maharashtra’s third biggest city, Nashik, is apparently losing its importance as a centre for manufacturing. With some of the existing industries in Nashik – which marks India’s 11th most populous district – pulling out of the city of late, two bigwig companies to have recently announced their plans to exit Nashik include Indian engineering biggie Larsen and Toubro (L&T) and French major Schneider Electric.
Despite the fact that Nashik forms a crucial segment of the golden triangle for industrial development between Mumbai and Pune, the city has not witnessed any major industries setting up their operations here in the last few years.
To make matters worse, a few leading industries which had been set up in Nashik are pulling out of the city; while some of the remaining industries are operating only with a skeletal structure.
With L&T and Schneider also planning to bid adieu to Nashik, unidentified sources have revealed that while L&T has put its 15,426 sq m industrial plot – as well as factory building including infrastructure – in Ambad, MIDC in Nashik, on sale; Schneider is exiting Nashik to expand its presence in the neighbouring state of Gujarat.
About the reasons for Nashik losing its sheen as a manufacturing hub, Manish Kothari – President of Nashik Industries & Manufacturing Association – said: “Industries in Nashik and Maharashtra are becoming uncompetitive because of bad industrial policy.”
Source – The Times of India
Larsen and Toubro (L&T) and French major Schneider Electric, nashik losing its importance as a centre for manufacturing, Schneider Electric pulling out of Nashik
