Chinese equipment manufacturer XCMG says it will invest US$150 million to establish new production units in India.
The first of the so called ‘intelligent manufacturing facilities is expected to be in operation before the end of the year.
The factory will produce machines for German firm, Schwing Stetter, in which XCMG owns a majority stake.
XCMG’s chairman and president Wang Min, said, “The Indian market possesses huge potential. 2017 marks XCMG's India Year; we will accent on bringing more products with competitive advantages to India and further expand our operation scale here through establishing manufacturing facilities on the ground."
He added, "As key to our success in the global market, XCMG's emphasis on product localisation not only ensures the products comply with international standards, but also targets research and development specifically to the clients' needs. Upon building new factories in India, XCMG will also make the best of Schwing Stetter India's sales network to provide better services to our clients in India."