Hyundai construction eyes Rs 1,500 cr by 2010

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{image-Hyundai Logo_23092008.jpg www.oneindia.com}New Delhi, Sep 23: Hyundai Construction Equipment India Pvt Ltd (HCEIL), a wholly-owned subsidiary of Korean firm Hyundai Heavy Industries, on Tuesday, Sep 23 said it targets a revenue of Rs 1,500 crore with a market share of 12-15 per cent by 2010.

''We are targetting a revenue of 1,500 crore and aim to capture 12-15 per cent share in the domestic market by 2010,'' company Regional Manager (North) Rakesh Kumar told reporters here. He said the company is looking at Rs 300 crore revenue by the end of the current fiscal. The company's new manufacturing unit in Pune would scale up the production capacity of excavators from its present 2,500 units to 10,000 units per annum within the next three to four years, company Head (Marketing) Suvendu Moitra said. ''We plan to sell 200 excavators in the current fiscal and increasing it to 700-800 units in the next financial year, whereas we aim to more than double our sales of machines to 2,000 by March 2011,'' he said.

The 50 acre Pune unit, built up at a cost of Rs 300 crore, would basically manufacture construction equipments of 20 tonnes, 11 tonnes and eight tonnes capacity. The higher tonnage capacity equipment will be imported from their Korean unit as of now, he said.

He added that talks are on with the Maharashtra government to acquire more land, but did not divulge further details. Since the equipment is very costly, Mr Moitra said the company has signed MoUs with eight financial firms and banks such as ABN AMRO, HDFC, ICICI, IndusInd Bank, to provide easy finance to the coustomer. The company also plans to increase its head count to 400 people from the present 250 by the end of this year.

UNI

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