Milan, June 4 -- Italian automotive components manufacturer Carraro Group announced ambitious expansion plans for India. It will commit to investing Euro 350 million over the next five to seven years, nearly doubling its current investment base.

The announcement came after Carraro Group Chairman Enrico Carraro met with India's Commerce and Industry Minister Piyush Goyal during the minister's official visit to Italy to strengthen bilateral trade and investment ties.

"We have invested around 200 million euros in India and currently employ 1,600 people. We want to increase our investment to 350 million euros in the next 5-7 years," Carraro told reporters.

"We will invest at least double what we are investing now."

The Italian company, wh...