XCMG China, one of the world’s largest construction machinery companies, is partnering Schwing Stetter India, a leading concrete equipment manufacturing company, to set up a new facility in India to manufacture construction and material handling machines.
XCMG will invest $150 million for the new manufacturing facility. Construction equipment and material handling products will be manufactured through this facility. The company eyes substantial market share in the country and plans to export to the neighbouring countries.
Schwing Stetter India has always led the Indian concreting industry with its strong market proposition. Additionally, the strong management capabilities will help XCMG to meet its growth targets and expectations in the Indian market as well.
Commenting on this investment, Mr. Wang Min, Group Chairman of XCMG China, said: “We have been eyeing the robust Indian market for the past few years, because of the vast potential it has. Moreover, our strategic partnership with Schwing Stetter who is already a pioneer in the Indian construction space is extremely valuable to us at this key juncture. We are sure that our products will reach the right audience in the Indian market through this partnership.”
Mr. Anand Sundaresan, Chairman, Schwing Stetter Sales & Services India, said: “We are happy to be associated with XCMG to grow our businesses in the Indian market. Aligning with the Make-in-India initiative, our new facility will now manufacture construction equipment and material handling products, thus enabling us to widen our product range. Our extensive reach across India, will help us build brand XCMG in the country.”
XCMG, formerly known as the Xuzhou Construction Machinery Group, is the world’s fifth largest construction machinery maker. XCMG offers a combination of high quality construction machinery products and services and provides the customers with all-around systematic solutions. Incorporated in June 1998 and commencing its manufacturing operations in 1999, Schwing Stetter India is a 100% subsidiary of the Schwing Group of companies, a $1 billion German concrete machinery manufacturer and a part of the XCMG Group. Schwing Stetter is a pioneer in manufacturing equipment for concrete preparation, placement, transportation and recycling.