SANY Heavy Industries India Private Limited, a subsidiary of Chinese construction equipment group SANY, on Thursday said it aimed to capture 15 per cent of the Indian excavator market in the next three years.
After investing about $60 million in its Chakan plant near Pune, the company launched its 7-23 tonne range of excavators last October and sold about 200 units as compared with the current market size of 16,000 units.
“The market for excavators is expected to reach 20,000 units a year in the next three years, of which we aim to sell 4,500 units,” Richard Deng, managing director of SANY India, said. Before entering the excavator market, the company was manufacturing concrete pumps and cranes and had a total turnover of Rs 248 crore in the last financial year.
The company is betting big on the Indian infrastructure sector on the back of the projected investments of $1 trillion in the 12th Plan period and expects enough growth opportunities.
According to Deng, the manufacturing plant in Chakan has a potential to generate a turnover of Rs 6,400 crore annually in the next five years. Of this, the company hopes to generate revenues of up to Rs 4,300 crore from the Indian market and the remaining from exports into South and West Asian markets. “Our ultimate goal is to become India’s top excavator company in five years,” he said.