JCB may invest Rs 500 cr in Haryana unit
JCB India, fully-owned subsidiary of JCB Excavator (UK), one of the top five construction and earth moving equipment manufacturers in the world, is expanding its manufacturing facility in Ballabgarh, Haryana. The fresh round of infusion could touch Rs 500 crore, claimed company sources, making it the largest plant of its kind in the world. An announcement regarding this is expected to come on Tuesday after a meeting between JCB Worldwide Group COO Matthew Taylor and Haryana chief minister Bhupinder Singh Hooda. Though the company officials are tightlipped about the exact quantum of investment involved, Mr Taylor told ET that it will definitely be more than Rs 100 crore. JCB sources said the company was looking forward to start exports from India to West Asian countries, beginning with Turkey by the end of next year. Mr Taylor is in India along with his team comprising Alan Blake, Group Manufacturing Director, JCB UK, and Vipin Sondhi, MD & CEO, JCB India. Speaking to ET, Mr Taylor confirmed that he is in India to discuss the investment proposals of the company with the Haryana CM. "We are keen to invest in Haryana further. The investment amount will surely be above Rs 100 crore. The region has the potential and we have been growing by 25-30% every year. We are consolidating and enhancing our capacities so as to cater not just to the Indian market, but to the overseas market as well from here," said Mr Taylor.