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Piaggio Gets 45 Million Euro As Loan From IFC
According to IFC Director(Global Manufacturing Services), Dimitris Tsitsiragos, International Finance Corporation is pleased to aid the first project of Piaggio, which will introduce more fuel efficient engines in India and Vietnam, thereby improving environmental standards in the transport equipment sector.
The loan from IFC will support Piaggio"s expansion of its plant at Vinh Phuc in Vietnam and Baramati in India. IFC mentioned that the expansion projects will create approximately 300 new jobs in India and 480 new jobs in Vietnam. Additional jobs will be created along the value chain, as increased production will generate new demand for suppliers, distributors and post-sales services.
Piaggio in India is producing fuel efficient diesel and turbo engines for the two-wheeler and LCVs. Now, the project will allow the company to introduce a variety of new products with improved fuel efficiency.
Piaggio Group Chairman and CEO, Mr. Roberto Colaninno mentioned that the company"s strategic priority is in expansion of its products in emerging markets, particularly in Asia, with an increasingly eco-friendly and fuel-efficient product pipeline for both two-wheeler and light commercial vehicles ranges. Piaggio"s diesel three wheeler known as “Share Auto" dominates the market share in this segment.
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