Sandvik, a Swedish industrial group, has announced plans to set up a manufacturing and R&D facility at Chakan, with $45-million investment in the first phase.
The facility will receive strategic investment over the next five years, the company said, adding that decision on additional investments will be taken based on the market conditions.
Development of the facility will commence in mid-2015 and it is expected to be operational by 2016.
It will hire 100 people for the R&D facility at Chakan over the next few years. The company already has six manufacturing units in India – two in Pune and one each in Mehsan, Hosur, Hyderabad and Chiplun.
The new manufacturing facility will deliver products catering to Sandvik’s businesses which include products and solutions for metal cutting, mining and construction 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 centre and help the company support customers and lead research projects at a global level.
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 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.”