Concrete equipment maker Schwing Stetter India announced Wednesday investment of about Rs 350 crore to set up a new manufacturing plant in Tamil Nadu.
The new unit is a step towards strengthening commitment to the Indian market, Schwing Stetter India said in a statement.
Besides, it will also help the company focus on meeting export potential in Asia and African markets, it added.
It will be located at SIPCOT Industrial Area, Cheyyar, Tiruvannamalai District in Tamil Nadu, spread over 53 acres.
The company will be investing about Rs 350 crore in two phases towards installing this technology-enabled and environmentally-sustainable manufacturing facility, it said.
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"The new site aims to focus on new product launches and support the progression of engineered products from the prototype stage to serial production," the company added.
Commenting on the development, Schwing Stetter India Vice Chairman and Managing Director Anand Sundaresan said, "The new facility is core to Schwing Stetter's long-term strategy to expand and reinforce our position as one of India's leading concrete equipment manufacturers".
Schwing Stetter India cater to the requirements of infrastructure developers rolling out products like concrete batching plants, concrete mixers for transporting readymade concrete to construction sites, concrete pumps, concrete placing booms, tower cranes, self-loading mixers and concrete recycling plants.
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