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Schwing Stetter forays into tower crane business

The  RMC transport equipment manufacturer, Schwing Stetter India has diversified its operations to material handling. Tower cranes which are manufactured by XCMG, China will be sold in India. XCMG has acquired a 60 per cent stake in a holding company formed by the parent company Schwing Stetter and XCMG. Based out of Beijing, XCMG is the fifth largest construction company in the world. It manufactures 700 tower cranes a month while India’s market is only 700 cranes per year. “This product is getting popular in India as high rise buildings have started to emerge. There are only regional players in the market and our national presence will be an advantage for us,” said Anand Sundaresan, Vice-Chairman & Managing Director, Schwing Stetter India Pvt Ltd.

“To begin with ,we will be importing the cranes from China and assemble these at our Chennai factory. In 15 months we will be able to localise up to 80 per cent,” said V G Sakthikumar, Managing Director, Schwing Stetter Sales & Services Pvt Ltd. The company aims to sell 50-100 units in the first year.

 

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