Haryana

• 07 May 2024

Swiss Military to Invest in Haryana

Why in News?

Global lifestyle brand Swiss Military announced that it will set up its first fully owned manufacturing unit in Haryana with an initial investment of Rs 56.5 crore.

Key Points

• The company plans to set up its first fully owned manufacturing unit for luggage and travel gear in Faridabad, Haryana.
  • Spread over 1.21 acres and a built-up area of about 85,000 sq ft, the proposed plant will have a production capacity of 10 lakh pieces per year.
• The targeted completion for the manufacturing unit will be within 8 months by 31st Dec, 2024.
  • With domestic and international leisure and business travel bouncing back aggressively, the company has seen very vigorous growth in the luggage and travel gear segment.
• This new venture by Swiss Military is aligned to the future vision of expansion in India and abroad while being part of 'Make in India' movement.

'Make in India' Movement

• Launched in 2014, Make in India aims to transform the country into a leading global manufacturing and investment destination.
• It is being led by the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, Government of India.
• The initiative is an open invitation to potential investors and partners across the globe to participate in the growth story of ‘New India’.
• Make in India has substantial accomplishments across 27 sectors under Make in India 2.0 which include strategic sectors of manufacturing and services as well.