BMW agrees to set up auto parts manufacturing plant in Punjab.

Germany's luxury carmaker BMW has agreed to set up its auto part manufacturing unit in Punjab, said a state government release here on Tuesday. A decision to this effect was taken during the visit of Punjab Chief Minister Bhagwant Mann at BMW headquarters in Germany recently, it said.

Mann is currently on a visit to Germany to woo investors as his government promotes Punjab as the most preferred destination for doing business.

During the visit, the CM showcased the state government's exemplary work to promote industry in the state after which BMW agreed to set up its auto component unit in the state, it said.

An official release quoting Mann said this will be the second unit of the company in India as one such unit was already operational in Chennai.

He said this will give a major boost to industrial growth of the state and open new employment avenues for the youth.

The CM also invited BMW to collaborate with the state in the e-mobility sector.

He was apprised that e-mobility is a major sector of focus for the auto giant, which targets 50 per cent of its global sales to consist of fully electric vehicles by 2030.

The chief minister said Punjab's EV Policy is expected to usher in a new era for the e-mobility sector in the state.

ET