Earmarks Rs 250m for expansion, upgradation of unit
Hyderabad, Nov. 14
Sandvik Asia Ltd (SAL), a wholly-owned subsidiary of the $8-billion Swedish Sandvik, will set up a new heat treatment facility at the company's recently acquired Kennametal's manufacturing unit at Patancheru, on the outskirts of Hyderabad.
Mining, construction tools
Mr Hakan Kingstedt, Managing Director and President, SAL laid the foundation stone for the new facility on Tuesday. Sandvik has earmarked Rs 25 crore investments for expansion and upgrading of this unit at Patancheru in Medak district for mining and construction tools.
The heat treatment facility upgrade will include Rs 1.5 crore for the new building and Rs 4.5 crore for new furnaces and other equipment. Sandvik Mining and Construction plans to double production volumes at Patancheru by 2009 with substantial increase in exports for the global markets.
Speaking on the occasion, Mr Hakan Kingstedt said, "Sandvik's India operations are becoming increasingly important to the Group as we move forward in making India a platform for our global supply. The new facility and our investments here distinctly emphasise this focus."
Sandvik Mining and Construction is a business area within the Sandvik Group and a leading global supplier of machinery, cemented-carbide tools service and technical solutions for the excavation of rock and minerals in the mining and construction industries. Annual sales amount to about three billion, with approximately 10,600 employees and operation in 130 countries.