The new plant is expected to start operating later this year. It will allow Petrotec "to exceed the threshold of 100 million euros (108 million U.S. dollars) in turnover for the next five years, 30 percent of which will be in the Indian market
," Petrotec said.
"With this investment, we are strengthening the bet made 20 years ago, at a time when few companies saw business opportunities in India," said Petrotec CEO Nuno Cabral.
The new unit will be constructed in Gandhinagar, capital of the state of Gujarat, where "it will generate 400 new jobs", the company said in the statement.
"Investment in India goes towards the strategy of strengthening globalization of the Petrotec Group, leveraging all activity in Asia," Cabral said.
"The potential of the market justifies the bet in this market and requires a direct presence," he added.
Founded in 1983, Petrotec registered a turnover of 80 million euros last year and expect to reach 87 million euros in 2020.