Schwing Stetter urges TN govt. to fast-track land allotment for its ₹400 cr. expansion
The Hindu
SSI urges TN govt to fast-track land allotment for ₹400cr expansion. Pending request & upcoming elections raise concerns. Expansion to cater to booming demand in domestic & export markets. SSI exports to 50 countries & eyeing ₹250cr revenue for 2023. Hopeful of approval at Global Investors Meet in Jan. Plan B: scout for land in other states.
Schwing Stetter India (SSI) has urged the Tamil Nadu government to fast-track the land allotment process for its ₹400 crore expansion programme at Cheyyar to meet its timeline.
The Indian subsidiary of German concreting machinery manufacturer has pressed the panic button as its request for land allotment has been pending with a State government agency. Besides, the fast approaching Parliamentary elections has also raised concerns about the implementation of big ticket projects.
“We need about 40 acres of land for expansion,” said Schwing Stetter India Pvt. Ltd, CMD V.G. Shaktikumar. “Whatever land was available near our plant has been allotted to other industries and are lying idle,” he added.
“We have given our request and are waiting for the allotment. It would be better, if we can get the land at Cheyyar itself. Otherwise, it does not make sense,” he stressed.
As part of the silver jubilee celebration, the construction equipment manufacturer is planning to invest ₹300 crore on a new plant and ₹100 crore for expansion. The expansion has been planned to cater to the booming demand for its products in the domestic and export markets.
“While the total construction equipment market number has stayed at one lakh units for Indian manufacturers in CY2022 vs CY2018, we have grown twice [over]. Our turnover increased from ₹2,050 crore in 2018, to ₹3,945 crore in 2022. We are expecting 33% growth in 2023,” Mr. Shaktikumar said.