Japanese firm Kobelco launches excavators

Kobelco Construction Equipment India (KCEIPL), a subsidiary of Kobelco Machinery Corporation of Japan, has launched its SK-8 series of excavator machines in India.

The company, along with its joint venture partner Itochu Corporation, will launch more machines in India by the end of the curent financial year.

The company is also planning to have a local manufacturing plant by 2009-10 for which the company is in talks with the governments of Tamil Nadu, Karnataka and Andhra Pradesh.

Kobelco now holds 30% in the joint venture, and is planning to hike its stake once its manufacturing facility comes up.

According to industry reports, the $2.2 billion construction equipment industry in India is growing at 30%.