SCHWING Stetter and Tamil Nadu Government sign MoU for new plant in Cheyyar
Signed during Global Investors Meet 2019 held in Chennai, the MoU highlights the company’s Rs 350-crore investment at Cheyyar in a span of four years.
Chennai, January 24th, 2019: 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 23rd and 24th, 2019. As per the MoU, Schwing Stetter India has committed an immediate investment of Rs 237 crore in a new plant in Cheyyar on SIPCOT land and will be scaling it up to Rs 350 crore 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-acre of SIPCOT land 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. Schwing Stetter is sure of drawing the entitled subsidy by living up to the commitments given to the government.
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.