Announces a USD 45 Million commitment to commence development of the site by mid-2015
October 29, 2014. By Moulin
Sandvik has announced a commitment to set-up a world-class manufacturing facility at Chakan, which is part of the Maharashtra Industrial Development Corporation (MIDC) Industrial Park near Pune.
To develop the facility, the Company will make strategic investments in a phased manner over the next 5 years. In the first tranche, it has announced a USD 45 Million commitment to commence development of the site by mid-2015. Development of the facility will commence in mid-2015 and it will become operational by 2016.
Sandvik is a global industrial group with a strong presence in India since 1960. It was one of the first Swedish companies to establish a subsidiary with a manufacturing footprint in the sub-continent. Over the years, Sandvik has been a close partner of India’s economic growth through five manufacturing units in India. Today, Sandvik’s innovations provides high technology solutions for India’s critical areas such as metal cutting tools for the automobile and aviation sectors, oil & gas exploration, minerals and coal mining and large infrastructure projects that need special technological expertise.
The large-scale manufacturing facility at Chakan will have the capability to deliver multiple products catering to Sandvik’s diverse businesses which include products and solutions for metal cutting, mining and construction industries as well as high value-added products in advanced stainless steels, special alloys and titanium as well as metallic and ceramic resistance materials.
This state-of-the-art facility will also host Sandvik’s Group R&D center based in India. The new R&D center will strengthen Sandvik’s R&D presence in the region to support customers and lead strategic research projects on a global level.
Commenting on the development, Olof Faxander, President and CEO, Sandvik AB said, “This is the next phase of our evolution in India. We have a strong foundation in India already and this commitment to set up a new world-class manufacturing facility will help us further innovate and create solutions for India’s emerging needs under the visionary ‘Make in India’ initiative”.
“The investment in Chakan is a reiteration of Sandvik’s belief in building India as a key manufacturing hub for the Sandvik Group”, said Parag Satpute, the India Country Manager. “The Chakan facility will drive synergies and economies of scale both for our domestic operations as well as exports”, he added.
India is an important destination in Sandvik’s emerging markets footprint. The expansion to Chakan will further consolidate a Sandvik leadership position in the country and enable it to partner India in its next phase of growth and development.
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