Hyundai Construction Equipment India (HCEI) is holding back on its expansion plans for the current fiscal (January to December), considering the grim market demand. The company has a plant in Chakan spread over 50 acres. The firm is not keen for scaling up the current capacity of around 3,000 excavators at the existing unit this year, according to a top official.
The market condition is very poor as it has witnessed only a growth of around 4 per cent, which is bad for any industry. Issues like policy paralysis, turmoil in the mining sector and poor economy also affected the market. According to him, HCEI is expecting to sell around 2,700 excavators ranging from 8 to 34 tonne capacity.