Governor Eric J. Holcomb joined executives of AXISCADES, a provider of product engineering solutions, in India as the company announced plans to locate its North American headquarters in Indiana, creating up to 500 new, high-wage jobs by the end of 2023.
"AXISCADES choosing to establish its North American headquarters in the Hoosier state sends a clear message that Indiana is open for business," Governor Holcomb said. "I am proud to be in India this week, building our business and educational relationships, and could not be more excited to welcome another India-based firm to Indiana. I look forward to AXISCADES joining the Hoosier family, and I am confident that our dedicated workforce will be a crucial asset to its future success."
The Bangalore, India-based company, which is a provider of product engineering solutions to aerospace, defense, heavy engineering, automotive, energy, medical and health care companies, plans to invest nearly $10 million over the next five years to establish operations in Indiana to grow its U.S. operations and help address engineering needs of U.S.-based original equipment manufacturers. The company, which still has a short list of possible sites in Indiana to locate its new facility, plans to make a final decision by the end of this year and launch operations in Indiana by April 2018.
AXISCADES currently employs more than 1,900 associates across North America, Europe and Asia, including approximately 250 engineers in North America that are stationed at both the company's offices in Peoria, Illinois, and Montreal, Canada, and on-site at its clients' facilities. The company, which is headquartered in Bangalore, plans to begin hiring for engineering jobs in Indiana next spring.
“AXISCADES is privileged and honored to host Governor Eric J. Holcomb at our Bangalore facility,” said Sudhakar Gande, vice chairman of AXISCADES. “This relationship and North America headquarters in Indiana strengthens our presence there. Under the leadership of Governor Holcomb, Indiana is leading in the areas of science, technology, engineering and manufacturing, which offers us right environment for our business growth. This is part of our strategic initiatives to continuously evolve and invest in expanding across North America and to provide high-end technology solutions."
AXISCADES offers solutions in mechanical engineering, embedded software and hardware, system integration, manufacturing and aftermarket solutions across domains. With 14 engineering centers located worldwide, the company offers services across the product design, development and lifecycle support stage to its clients like GE, Caterpillar, Bombardier, Airbus and Siemens.
Pending approval from the Indiana Economic Development Corporation (IEDC) board of directors, the IEDC offered AXISCADES up to $4,300,000 in conditional tax credits and up to $500,000 in training grants based on the company’s job creation plans. These incentives are performance-based, meaning that until Hoosiers are hired, the company is not eligible to claim incentives. The IEDC will also consider additional incentives through the state's Industrial Development Grant Fund to support infrastructure needs.
This news comes amid the governor's trade mission to India this week, where he and the Indiana delegation are working to advance economic ties between Indiana and India. The governor and Secretary of Commerce Jim Schellinger met with executives of Axiscades on Tuesday in Bangalore at the company's headquarters. AXISCADES is headquartered in the state of Karnataka, which is an Indian hub for technology, biotechnology and innovation and is now a sister-state to Indiana. With its new operations in Indiana, AXISCADES will joining other India-based firms with facilities here like Infosys, Autoline Industries Indiana, MSSL Wiring, Novelis Corp., and Appririo, a Wipro Company.
About AXISCADES
AXISCADES is a leading product engineering and high-technology solutions company catering to the futuristic needs of aerospace & defense, heavy engineering, automotive, energy, medical & healthcare sectors. Their proven technology products and services, coupled with industry best practices, enable global OEMs to create innovative, sustainable, safer and smarter products.
About IEDC
The Indiana Economic Development Corporation (IEDC) leads the state of Indiana’s economic development efforts, helping businesses launch, grow and locate in the state. Governed by a 15-member board chaired by Governor Eric J. Holcomb, the IEDC manages many initiatives, including performance-based tax credits, workforce training grants, innovation and entrepreneurship resources, public infrastructure assistance, and talent attraction and retention efforts. For more information about the IEDC, visit www.iedc.in.gov.