BELGRADE (Serbia), December 10 (SeeNews) - Japanese electric motors maker Nidec Corporation held on Friday a groundbreaking ceremony for an automotive motors plant in Serbia's northern city of Novi Sad as part of plans to expand in Europe, the company said.
The value of the project, which includes the factory and a research centre, is 1.5 billion euro ($1.69 billion), the Development Agency of Serbia said in a separate statement.
Upon its completion, the facility will be the Japanese company's largest factory in Europe, with a capacity to manufacture about 300,000 units per year, the agency added.
The factory, which will spread on 59,760 sq m, is due for completion by mid- 2022, according to Nidec's statement.
($ = 0.8846 euro)