: Schwing Stetter India, a 100 per cent subsidiary of German concrete machinery manufacturer SCHWING GmBH, has proposed to set up a new manufacturing plant in Cheyyar in Tiruvannamalai district of Tamil Nadu, with an investment of Rs 350 crore over a period of four years.
The company Thursday signed a memorandum of understanding with its subsidiary during the second edition of the Global Investors Meet underway here.
The plant would create 200 new jobs, a press release from the company said.
"Schwing Stetter has committed itself to an immediate investment of Rs 237 crore in new plant in Cheyyar on SIPCOT (State Industries Promotion Corporation of Tamil Nadu) land and will be scaling up the investments to Rs 350 crore over a period of four years," the release said.
The facility to be spread across 53 acres would be used for producing truck-mounted concrete boom pumps, self-loading mixers, among others, it said.
The unit marks the commitment of the German company to the Indian market and focusses on the emerging infrastructure boom besides tapping the export potential of Asia and Africa.
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