Concrete equipment manufacturer SCHWING Stetter India has signed a Memorandum of Understanding with the Tamil Nadu Government in India during the Global Investors Meet 2019 held in Chennai recently. As per the MoU, Schwing Stetter India has committed an immediate investment of Rs 237 crore in a new plant in Cheyyar on SIPCOT land and will be scaling it up to Rs 350 crore over a period of four years.
The Tamil Nadu Government is giving the land through SIPCOT on a 99-year lease. The facility will be spread over 53-acres of SIPCOT land and will be used for producing Truck- mounted concrete boom pumps, Self-loading mixers and XCMG road machinery. Schwing Stetter India has also committed to employing 200 personnel over the investment period of four years.
The new unit, is a step towards strengthening SCHWING Stetter’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.