Chennai, Nov 5 (IANS): The new Rs 450 crore plant of Kone Elevator India Pvt Ltd was inaugurated by Tamil Nadu Governor Banwarilal Purohit on Tuesday near here.

The company is a wholly owned subsidiary of Finland-based Kone Corporation.

The new facility will employ about 600 people and is designed for a capacity based on demand.

According to Kone Elevator, nearly 80 per cent of components will be produced locally and will step-up global exports.

Inaugurating the plant Purohit outlined the advantages that Tamil Nadu offers as an investment location.

Welcoming the fresh investment Purohit in a lighter vein said in his six decades of public life he would have inaugurated about 2,000 industrial units.

"While I have about 60 per cent electoral success, the units I have inaugurated have 100 per cent success rate. I monitor the progress of the units that I inaugurate. Similarly the new facility of Kone will also be a great success," Purohit remarked.

According Peeka Haavisto, Minister for Foreign Affairs, Finland, only when the private industrial sector succeeds, the public sector education and healthcare can succeed.

Stressing on the importance of managing climate change Haavisto said no country can cite internal conditions and say no to international cooperation.

According to Henrik Ehrnrooth, President and CEO of Kone Corporation, the new plant will cater to the growing demand in India and also in neighbouring markets.