Chennai, India-based auto parts producer Rane will invest $31 million in the central Mexican state of Aguascaliente, the local government reported in a statement.
The Indian industrial group has several companies, including Rane Madras Limited that produces systems for vehicle steering and suspension.
According to the brief statement from the Aguascalientes government, Rane Madras will generate 300 new jobs. It also sets out the state's conditions for new investments from India.
The investment announcement was made at the local government offices. Aditya Ganesh, president of Rane Madras, who was present.
The government information did not specify when construction of the plant begins or when Rane production begins.
According to Rane's website, its main clients are automotive companies BMW, Hyundai, Benteler, KIA, Renault, Daimler, among others.
In Aguascalientes are the plants of Nissan and the automotive company Compas (Cooperation Manufacturing Plant Aguascalientes, Compas), a $1.0 billion 50-50 joint venture between Daimler and Nissan.