Schwing Stetter India, one of India’s leading concrete equipment manufacturers today signed a Memorandum of Understanding with the Tamil Nadu Government during the Global Investors Meet 2019 held in Chennai on January 23rd and 24th, 2019. As per the MoU, Schwing Stetter India has committed an immediate investment of INR 237 crores in a new plant in Cheyyar on State Industries Promotion Corporation of Tamilnadu Ltd (SIPCOT) land and will be scaling it up to INR 350 crores over a period of four years. The Government of TamilNadu is giving the land through SIPCOT on a 99-year lease.
MoU highlights the company’s 350-crore investment at Cheyyar in a span for 4 years.
The facility will be spread over 53-acres of SIPCOT land and will be used for producing Schwing truck-mounted concrete boom pumps, Stetter self-loading mixers and XCMG road machinery. Schwing Stetter India has also committed to employ 200 personnel over the investment period of four years. Schwing Stetter India is sure of drawing the entitled subsidy by living up to the commitments given to the Government. 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.