Schwing Stetter To Invest Rs 300 Cr On New Plant & Rs 100 Cr For Expansion
Schwing Stetter India (SSI) has urged the Tamil Nadu government to fast-track the land allotment process for its Rs 400 crore expansion programme at Cheyyar to meet its timeline. “We need about 40 acres of land for expansion,” said Schwing Stetter India Pvt. Ltd, CMD V.G. Sakthikumar. “Whatever land was available near our plant has been allotted to other industries and are lying idle,” he added. As part of the silver jubilee celebration, the construction equipment manufacturer is planning to invest ?300 crore on a new plant and ?100 crore for expansion. The expansion has been planned to cater to the booming demand for its products in the domestic and export markets. Currently, SSI was exporting its machinery to more than 50 countries valued at Rs120 crore and is eyeing Rs 250 crore revenue for 2023. SSI is in a hurry to commence the expansion work at the earliest, as it feels that there would be a slowdown in the announcement of big-ticket projects soon after the announcement of Parliament election dates for 2024 and pick up after the formation of a new government.
Tags : Schwing Stetter India Tamil Nadu government land allotment expansion programme V.G. Sakthikumar CMD