German concrete machinery manufacturer Schwing Stetter today said it may post a 20 per cent negative growth in Indian market in 2009, as demand has been severely hit by the economic slowdown.
"The crisis (slowdown) has had its impact on the construction and real estate sectors in India and has in turn affected our business as well. In 2009, the business growth is likely to be negative by 20 per cent," Schwing Stetter India Managing Director Anand Sundaresan told reporters here.
Schwing Stetter had posted a 10 per cent business growth in 2008 in the domestic market.
However, with economic recovery in sight, the demand in Indian concrete machinery segment is likely to pick up substantially by the beginning of next year, Sundaresan said.
"Demand in August was good. September was better. I think it (demand) would pick up substantially by the beginning of next fiscal," Sundaresan said.
The company, a wholly-owned subsidiary of Schwing Germany, had seen a compounded annual growth rate (CAGR) of 40 per cent in the past five years.
The company today launched S-36, its latest truck- mounted concrete pumps in India. It has already sold 12 units in India and plans to sell a total of 30 by the end of this year, Sundaresan said.
The pump, priced at Rs 1.3 crore, is equipped to place concrete at distances of more than 100 feet vertically and 90 feet horizontally.
Schwing has manufacturing facilities in Germany, Asutria, USA, Brazil, Russia, China, Ostrava (Czech Republic) and India.
