09.02.2011

Til to launch new cranes

Indian based crane manufacturer TIL – (Tractors India Ltd) says that its Rs 200-crore ($44 million) investment in a major expansion to its production capacity is well underway and that it will introduce two new cranes during the year.

The company has already spent Rs150 crore ($33 million) on its Kharagpur plant which will be able to build cranes of up to 150 tonnes capacity. The remaining Rs 50 crore ($11 million) is being spent increasing capacity at its Kolkata plant.

TIL which is a long term Grove licensee says that its launching a new local market 70-tonne truck crane to compete with Chinese imports and a small 10 tonne crane which could become its largest product sector in unit terms.

The company also said that its current production capacity is 200 cranes a year and that with the help of this investment it can expand this to close to 400 units a year.

Last month TIL announced that it intended to raise up to Rs250 crore ($55 million) via an institutional placement.
Click here to see original report