London: British heavy engineering firm Terex Pegson has announced an ambitious plan to expand its operations in India to benefit from its growing economy.
The Coalville-based company that manufactures stone-crushing machines will set up a new production site in Bangalore and plans to increase its workforce by a fifth.
The company, which currently employs 320 people, says turnover is expected to rise by a fifth to about 178 million pounds this year due to soaring orders.
Marketing manager Judi Sault said a lot of the demand was coming from India, China and the Middle-East. The company decided it would be more viable to produce machines in India.
She said the Bangalore site would also make products for other parts of the Terex group based in the US.
Sault said: “We have bought land in India and the intention is to set up a factory facility over there. It will prevent us having to pay import duties. The plan is to have it up and running by 2009.”
Motorcycle giant Triumph, meanwhile, has been buoyed by the interest shown in its products during the recent Auto Expo in New Delhi. The company says India is an “exciting new market” for its bikes.
“The Auto Expo has been very successful for Triumph. While the market is still very immature and almost exclusively focused on small capacity motorcycles, there has been a lot of interest in our bikes,” the Hinckley-based company said.