Schwing Stetter India signed a Memorandum of Understanding (MoU) with the Tamil Nadu Government during the Global Investors Meet 2019 held in Chennai on January 23 and 24, 2019. As per the MoU, the company has committed an immediate investment of Rs 2.37 billion in a new plant in Cheyyar on SIPCOT land and will be scaling it up to Rs 3.50 billion over a period of four years. The Tamil Nadu Government is giving the land through SIPCOT on a 99-year lease.

The facility will be spread over 53-acres and will be used for producing truck-mounted concrete boom pumps, self-loading mixers and XCMG road machinery. Schwing Stetter India has also committed to employ 200 personnel over the investment period of four years.

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.