Isuzu's MOOWR export vehicle flagged off in Sri City
Additional Commissioner of Customs S Narasimha Reddy flagging off the ISUZU’s export vehicle at Sri City on Tuesday. Sri City MD Ravindra Sannareddy, Rajesh Mittal and
Toru Kishimoto are also seen.
Tirupati: A MOOWR export vehicle was flagged off on Tuesday at a ceremony hosted at the Isuzu Motors India plant. Additional Commissioner of customs – Vijayawada, Sadhu Narasimha Reddy, waved the flag in the presence of Sri City MD Dr Ravindra Sannareddy, Isuzu Motors India (IMI) MD Rajesh Mittal, deputy MD Toru Kishimoto and president, MC India Hiroshi Matsubara.
While addressing the audience, Narasimha Reddy briefed about the MOOWR scheme and said that the Central Board of Indirect Taxes and Customs (CBIC) launched the scheme to defer the customs duties on imported goods that are used for the intended purposes of manufacture or carrying out other activities.
The scheme is aimed at transforming India into a competitive manufacturing location and an attractive investment destination.
Sri City MD Ravindra Sannareddy said that IMI was the first automaker to set up a unit in Andhra Pradesh and that too in Sri City.
He admired their initiative to create 80 per cent employment for people of AP in line with government policy and to contribute their bit to the socioeconomic growth of the region.
IMI MD said that the MOOWR scheme provides an advantage, particularly for OEMs like Isuzu Motors India, who are also into exports.
IMI is one of the automobile OEMs to have a MOOWR warehouse in addition to the storage area inside its plant premises.
It may be noted that the Japanese utility vehicle manufacturer, Isuzu Motors India, began its manufacturing operations in April 2016 in Sri City with a strong focus on quality and commitment to the Indian market. It has made an investment of Rs 1,500 crore with an annual production capacity of 50,000 units.