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Home > News > Industry Activities > XCMG plans to build factory in India with an investment of 250 Million USD

XCMG plans to build factory in India with an investment of 250 Million USD

By CFM , 2016-06-16 02:21:27

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On the night of June 13th, Xuzhou Construction Machinery Group (XCMG) makes an announcement that a proposed investment of 250 Million USD is to be used for production base in Chennai, India. On June 12th, The Board of Directors of XCMG has passed the investment project. But it is only with the approval of China Investment Authority and the Local Investment Authority in India that the project can be carried out.

The announcement says that the production base, an complete-process production base, covers an area of 200 thousand square meters, which includes material preparation, construction, painting and assembly. The construction fund comes from XCMG’s equity fund and self-raised funds.

Located in the South of India, Chennai is the Fourth-largest city in India. It faces the Bay of Bengal on the east and it is the largest artificial harbor. Due to the advantage of sea transportation, air transportation, railway transportation and highway transportation, Chennai is regarded as the door of the South of India. Chennai was one of the textile centers in India. After the independence of India, Chennai gains development in the fields of constructional engineering, machinery, automobiles and oil refining.

XCMG indicates that the project of building the factory in India is a response to the national strategy of The Belt and Road and Going Out as well as to catch the market opportunity in India. Moreover, it also aims to take up a market share in South Asia, South-east Asia, the Middle East and East-Africa and etc. XCMG thinks that as a developing country, India makes good progress of economic growth in recent years. The investment of infrastructure construction increases and the needs of engineering machinery equipment grow fast. It is expected that there will be of rapid growth of the India market of engineering machinery in the next years. However, the industrial strength of India engineering machinery is a little bit weak so it provides market opportunities for the foreign engineering machinery enterprises.

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