$31 million will be invested in a Mexican auto parts plant by India-based Rane.

The central Mexican state of Aguascaliente will receive a $31 million investment from Chennai, India-based auto parts manufacturer Rane, according to a statement from the local government.Among the businesses in the Indian industrial group is Rane Madras Limited, which manufactures steering and suspension systems for automobiles.The Aguascalientes government released a brief statement stating that Rane Madras will create 300 new jobs. It also lays out the requirements that the state will accept 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.