From Our Special Correspondent
Daijiworld Media Network
Bengaluru, Jun 18: The iconic British motorcycle manufacturer, Triumph Motorcycles, which had proposed to set up a Rs 850 crore manufacturing plant at Narasapur in Kolar district in a 30-acre plot, has not paid advance money to the Karnataka Industrial Area Development Board (KIADB) and the company now has withdrawn investment on its own.
Speaking to reporters in Bengaluru on Friday, Karnataka’s Large and Medium Scale Industries Minister for Industries R V Deshpande, said the Triumph Motorcycle India Ltd has now decided to withdraw from the State 'on its own.'
Triumph Motorcycles India has not paid the full advance money towards land acquisition to the Karnataka Industrial Areas Development Board (KIADB), the government’s nodal agency for land acquisition and allotment.Instead of the amount of Rs 25 crore that the company was required to deposit to enable KIADB to proceed with the land acquisition, it had paid advance of just Rs 5 crore.
"As per the rules, the company has to pay advance money in 30 days. But it had not paid even after two years,' he said.
The company has now taken an 'unilateral decision' to withdraw from its investment in setting up the factory at Narasapura industrial area in Kolar district.
It had proposed an investment of Rs 850 crore in two phases.
Triumph proposed a bike manufacturing plant on a 30-acre plot at Narasapura industrial area and Rs 85 lakh was charged per acre, he said.
The KIADB has already spent Rs 1.5 crore for developing the land.
The factory’s initial manufacturing capacity of the plant was 2,50,000 motorcycles per annum.
Triumph Motorcycles is an iconic British motorcycle manufacturer that was established in 1902 and the company has a wide range of motorcycles across different segments including classics, roadsters, adventure bikes and supersports models.
Some of the well-known Triumph Motorcycles, which are popular the world over are: Bonneville in the classic line, Street Triple in the roadsters while Rocket III is the company’s flagship cruiser line, which incidentally is the most expensive. Tiger 800 XC and Tiger Explorer form the adventure range while Daytona 675R is the supersport model.