Helsinki: Wartsila Corporation has planned to invest more than €5 million to establish an assembling plant in India, for making controllable pitch propellers for ships.

While addressing reporters at its headquarters in Helsinki, Ole Johansson, President and CEO, Wartsila Corporation, stated that the new plant would crop up at Wartsila’s constructing unit in Khopoli, near Mumbai.

Wartsila builds controllable pitch propellers in Holland and Norway. The plan to establish a facility in India is a mark of its rising significance for the ship building business. But, the facility would start first with exports to shipyards internationally and would eventually, with the expansion in the market, also benefit Indian clients.

In the last three years, the efficiency of` ship-power’ output rose four times and is set to expand further.

Mr. Johansson said that there is a big chance for the Indian ship building industry that has full access to prerequisites such as manpower, skill and a traditional force in ship building.

India wants to alter its taxation plans that seem to back up imports rather than local manufacture. Infrastructure at the sea ports, airports and roads need to be promoted, he added.

Wartsila’s plant near Mumbai now sets up engines, reconditions and mends engine parts and propeller blades and makers gear boxes and nozzles for exports.