China’s heavy equipment major Sany group has committed to invest $ 4 billion for setting up manufacturing units and wind farms in India and has its eyes set on the number one position in construction equipment space in the country.
“We want to be the number one in five years in construction equipment in India. We will be growing more than 60% year-on-year,” Deepak Garg, director and chief executive officer at Sany Heavy Industry India, told ET. The company has already set up a $ 100 million unit in Pune to manufacture heavy equipment. It now plans to invest $ 1 billion in setting up manufacturing units for equipment and another $ 3 billion on wind energy projects. “We plan to invest $ 1 billion over the next decade to set up manufacturing capability. There is a recovery in India, led by roads sector, but people are cautious. Liquidity is still a constraint in the industry,” Garg said.