XCMG China, one of the world?s largest construction machinery makers, is partnering with Schwing Stetter India to set up a new facility in India with an investment of $150 million. This facility will manufacture construction and material handling machines. The company eyes substantial market share in the country and plans to export to neighbouring countries.

Commenting on this investment, Wang Min, Group Chairman, XCMG China said, ?We have been eyeing the robust Indian market for the past few years, because of the vast potential it possesses. Moreover, our strategic partnership with Schwing Stetter, who is already a pioneer in the Indian construction space, is extremely valuable to us at this key juncture. We are sure that our products will reach the right audience in the Indian market through this partnership.?

Anand Sundaresan, Vice Chairman and Managing Director, Schwing Stetter India said, ?We are happy to be associated with XCMG to grow our businesses in the Indian market. Aligning with the Make-in-India initiative, our new facility will now manufacture construction equipment and material handling products, thus enabling us to widen our product range. Our extensive reach across India will help us build brand XCMG in the country.?