India's heavy equipment market is set to reach $4bn before 2020 according to Caterpillar.
Digging for gold in India Image: Caterpillar India |
The earthmoving, mining and off-road OEM is eyeing the Indian market with confidence having already invested heavily in its five existing manufacturing plants in the country, with a further $150m site due to break ground in Aurangabad around March 2016.
CAT believes the resources and infrastructure equipment sector is set to double within the next three years, requiring some 160,000 units annually by 2020.
Having had a presence in India since the 1930, the US-based manufacturer is confident it can handle the rapid expansion, helped by a workforce of some 10,000 people in its sites and dealerships.
According to Caterpillar India Managing Director, Vivekanand Vanmeeganathan, "the industry has already built enough capacity to meet the projected demand growth during the early part of this decade. What will happen is better capacity utilization."
Caterpillar's sales and distribution across India is largely handled by CK Birla-controlled General Motors Marketing and Tractors India, with a combined network of 180 dealerships.
Read more at: http://www.moneycontrol.com/news/business/heavy-equipment-market-to-double-to-364-bn3-yrs-caterpillar_5563921.html?utm_source=ref_articleCaterpillar India Managing Director Vivekanand Vanmeeganathan
Read more at: http://www.moneycontrol.com/news/business/heavy-equipment-market-to-double-to-364-bn3-yrs-caterpillar_5563921.html?utm_source=ref_article
Read more at: http://www.moneycontrol.com/news/business/heavy-equipment-market-to-double-to-364-bn3-yrs-caterpillar_5563921.html?utm_source=ref_article
Read more at: http://www.moneycontrol.com/news/business/heavy-equipment-market-to-double-to-364-bn3-yrs-caterpillar_5563921.html?utm_source=ref_article