Hyundai Construction Equipment India Pvt Ltd, a wholly owned subsidiary of Hyundai Heavy Industries, Korea will be rolling out its first batch of five earth moving excavators by the end of this month from its construction equipment plant in Pune. The company has targeted a sales turnover of nearly Rs 300 crore by selling over 400 units of earth moving excavators by the end of this financial year.
Hyundai’s foray in to the construction equipment segment in India is expected to give stiff competition to the players like Telecon, Volvo and L&T. Currently Telecon is a market leader with a 30 - 35 per cent market share while L&T is commanding a market share of 20-25 per cent in this segment. Hyundai is now looking to capture a market share of around 10 - 15 per cent in next three to four years.
“We would definitely like to be a market leader in this segment. By 2010 we are confident of achieving a sales target of over 2,000 units of earth moving excavators from our Pune unit”, said, Suvendu Moitra, Head - Marketing, Hyundai Construction Equipment India Pvt Ltd.