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Rs 350 crore earmarked for Schwing Stetter’s Tamil Nadu unit
Concrete equipment makers Schwing Stetter India on Wednesday announced its plans to set up a new manufacturing facility at SIPCOT Industrial Area in Cheyyar in Tiruvannamalai district of Tamil Nadu, involving an outlay of Rs 350 crore. The new facility, to come in a 53 acre area, would come 60 km away from its existing facilities.
The new unit was a step towards strengthening the company’s commitment to the Indian market and focus on to meet the emerging infrastructure boom in India and export potential in Asia and African markets. Schwing Stetter made the payment towards the cost of the land to SIPCOT on Wednesday.
It would be investing about Rs 350 crore in two phases towards installing this technology-enabled and environmentally sustainable manufacturing facility, a release said.
The new site aims to focus on new product launches and support the progression of engineered products from the prototype stage to serial production.
Company 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.”
“We are hopeful of full cooperation from the Tamil Nadu Government for their support towards the success of the plant”, he added. Company MD VG Sakthikumar said, “Boosting our existing production to cope up with industry demands has been a great challenge for us. With the launch of this new facility, we endeavour to launch a new line of exciting, state-of-the-art products to suit the demands of the global market,” he added.
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