Concrete equipment manufacturer SCHWING Stetter India has acquired 53 acres in Tamil Nadu for setting up a new manufacturing facility with an investment of Rs 350 crore.
The plant would come up in SIPCOT Industrial area, Cheyyar in Tiruvannamalai district, a company release said.
Top executives of the firm made the payment towards acquiring the land to officials of State Industries Promotion Corporation of Tamil Nadu (SIPCOT) Wednesday.
"The new site aims to focus on new product launches and support the progression of engineered products from the prototype stage to serial production," the release said.
The firm would invest the amount in two phases towards installing "the technology-enabled and environmentally-sustainable manufacturing facility," it said.
Company vice-chairman and managing director Anand Sundaresan said, "the new facility is core to the company's long-term strategy to expand and reinforce our position as one of India's leading concrete equipment manufacturers."
The facility would cater to the needs of the emerging infrastructure boom in India
as well as export requirements of the Asian and African markets, the release added.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)