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Hyundai Construction Equipment India Is Set to Expand Its Product Portfolio

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Core prompt: Business Line reported that Hyundai Construction Equipment India is set to expand its product portfolio as it seeks to beco

Business Line reported that Hyundai Construction Equipment India is set to expand its product portfolio as it seeks to become the second largest excavator business in the country in less than 4 years.

Mr Dheeraj Panda head of Marketing said that "We commissioned our plant in Chakan in November 2008 and began marketing products in 2009. In less than 4 years we have a market share of over 18.3% and are seeking to become the number 2 player in the segment by next year."

Hyundai Construction Equipment India is part of the USD 25 billion subsidiary of the Korean major Hyundai Heavy Industries. The construction business in India is part of its USD 2.5 billion equipment arm.

Mr Panda said that "The construction industry roads in particular and the mining sector both large consumers of excavators are likely to boost volumes next year. Therefore, we are rolling out new products which will help grow numbers."

He said that the company invested INR 400 crore in the Indian manufacturing facility and has managed to localize 45% to 50% of its components in the 8 tonne to 34 tonne capacity. The larger 50 tonne to 80 tonne excavators made in other manufacturing facilities are sold in India.

He further added that "The excavator business witnessed overall sales of 14,700 units in 2011 and Hyundai sold 2,034 units. We have crossed 2,086 in 10 months so far and expect to close at 2,500 with a growth rate of 23% to 24% as against the industry which is likely to show marginal de-growth."

 
 
 
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