Terex to export made in India cranes

Responding to Prime Minister Narendra Modi’s call to become self-reliant, Terex India Private Ltd, the Indian subsidiary of Terex Corporation and a manufacturer of diversified equipment used in mining and large infrastructure projects like airports, dams, highways and mining applications, is gearing up to launch Made in India Cranes.

The company will be manufacturing these cranes at its facility set up at an investment of Rs 250 crore at Hosur in Tamil Nadu.

The company is also developing the plant as an export hub.

“We have expanded our manufacturing plant recently and we will be making up to 500 cranes per year at this plant and launch them in early 2021,” Jaideep Shekhar, Managing Director, Asia and EMEAR told DH.

The market size for large cranes is estimated at 10,000 units.

The company has designed new products in India for the Indian market as well as export markets. It will commence testing of cranes later this year before launching them early next year, he said.

Terex also manufactures crushers in India which are sold both in the domestic market as well as exported to many other countries. “Manufacturing in India helps us save up to 15-20% cost of manufacturing. Terex also makes crushing plants in India that are used to crush boulders in iron ore, bauxite and coal mines. We are looking at exporting 35% of the annual production,” Shekhar said.

The company is aiming at an export turnover of Rs 300 crore this year.

It is currently exporting to customers in the US, Europe, Asia, Middle East and Africa and around 200 machines are exported annually.

Currently, Terex employs 600 workers in India and its R&D unit consists of 150 engineers.

“We will play a key role in India’s infrastructure development which needs to be developed. With NHAI projects resuming after two months of lockdown, Terex is looking for new orders,” Shekhar said.

The company reported total sales of Rs 800 crore in India last year.

With the lockdown to fight Covid-19 impacting businesses all over the country, Terex foresees a minor reduction in its sales this year, he said.

“If the demand improves during the second half of the year, we can recover the production and sales loss, although July to August is a lean period due to monsoon,” he added.