German construction equipment maker Putzmeister GmbH on Thursday said it would invest euro 5 million to expand its manufacturing facility in Goa and service network across the country. The company is hoping to see its revenues touch Rs.500 crore by 2012 from Rs.150 crore in 2010.
“We will invest euro 5 million in 2011 to expand our manufacturing plant at Goa that has a capacity of producing 15,000 machines annually. At present, we are utilising just 10 per cent of the 1-lakh sq. ft. facility. We are gearing up to meet the fast growing need of the construction sector in India,'' Putzmeister Concrete Machines (wholly-owned Indian arm of the German firm) Managing Director Michael Schmid-Lindenmayer said.
Stating that they had so far invested euro 50 million since they entered the Indian market in 2007, Mr. Schmid-Lindenmayer said the company's sales were growing at over 100 per cent annually; and by 2012, its revenues would touch Rs.500 crore and cross Rs.1,000 crore by 2014. “We contribute 5 per cent to our global revenues and we hope to reach 30 per cent soon, keeping in mind the growth that the company has been witnessing,'' he added.
Pointing out that the Indian construction sector was growing at 25 per cent annually, Mr. Schmid-Lindenmayer said the demand for their two products — boom placers and trailer pumps — that were priced between Rs.14 lakh and Rs.2.25 crore was growing fast, where they were also the market leader. The company's equipment were used in construction of high-rise buildings, power plants, airports, ports, and refineries. “Excellent service network and less wear and tear of our equipment are the main reasons for our good growth and we are strengthening our service network to maintain our leadership position. We will expand our dedicated service team from 100 to 160 by this year-end,'' Mr. Schmid-Lindenmayer added.