Schwing Stetter India, subsidiary of Germany-headquartered Schwing GmbH, has drawn up expansion plans, which include setting up a new greenfield facility and widening of its product range, a top company official said.
The new factory would be set up at an initial outlay of Rs 100 crore that would serve the company's plans to realign the product folio, Schwing Stetter India, Vice-Chairman and Managing Director, Anand Sundaresan said here.
"We are looking at a greenfield project. Preferably in Tamil Nadu. To start with, the initial investment will be Rs 100 crore. Maybe in three to five years time it may go upto Rs 250 crore", he told reporters.
The greenfield facility would be in addition to the existing five factories set up by the company across the country, he said.
The city-headquartered company has also introduced 16 new products that would focus on giving inorganic growth, targeting the government's vision of upgrading rural infrastructure, Swachch Bharat mission, metro and high speed rail, expressways and Urban infrastructure.
Sundaresan said the construction equipment machinery segment grew by 30 per cent in 2015-16 and was expected to grow 22 per cent Year-on-Year in 2016-17.
Schwing Stetter India grew about 30 per cent in 2015-16 and expected to grow at 33 per cent in 2016-17, he said.
Sundaresan said the construction equipment industry, currently valued at USD 4.2 billion, was expected to reach USD 7 billion by 2020.
To a query on group financials, he said, last year they registered Rs 1,130 crore revenue and expected to reach Rs 1,500 crore for 2017.
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