Automotive Metalcaster Receives Tax Incentives for Expansion
December 17, 2015
In December, the Michigan Economic Development Corp., Lansing, Mich., approved a tax-free district around the planned expanded campus in Detroit for Sakthi Automotive Group USA Inc., a division of India’s Sakthi Group. The so-called “renaissance zone” means that the aluminum casting facility will be able to waive $169,000 in average annual property taxes for 15 years, according to the Michigan Economic Development Corp.
Sakthi, which broke ground on the expansion in October 2015, plans to invest $33 million by December 2018 on the project, the MEDC said. The supplier, owned by India’s Sakthi Group, is expected to add 313 jobs by 2018 and 333 in total.
According to the MEDC, Sakthi chose Michigan over competing offers from Georgia, Ohio and South Carolina, which offered incentives that included free land, low-interest construction loans and tax credits.