Singapore, Oct 24 (UNI) India's largest mining and construction equipment manufacturer, Bharat Earth Movers Limited, plans to invest US100 million dollars on an assembly plant in Malaysia within the next three to five years,according to the Malaysian media reports today.
It cited BEML director for mining and construction, Mr M Poongavanam saying that the investment is part of a long-term plan to build up Asian business with annual sales of US 30 million dollars a year by 2010.
The Banglore-based state-owned company launched BEML (Malaysia) Sdn Bhd and a 10,000 sq ft international warehouse at the Port of Tanjung Pelepas (PTP) in the southern Peninsular state of Johor on October 23.
The first warehouse outside India would serve as a regional distribution centre for the Asian market, he said, adding that centre would carry essential parts and component inventory of US 8 million dollars.
"Malaysia will act as the springboard for BEML to reach out to the burgeoning Asian market. It was chosen due to its strategic location as well as access to Thailand, Australia and the Philippines -- the three countries which we want to focus," Malaysia agency Bernama today quoted Mr Poongavanam as saying.