XCMG to Build $250 Million Construction Equipment Base in India

(Beijing) – One of China's biggest building equipment makers will invest up to $250 million on a production base in India, in a bid to diversify beyond its crowded home market plagued by overcapacity.

XCMG Construction Machinery Co. Ltd., a unit of China's Xuzhou Construction Machinery Group Co. Ltd. (XCMG), plans to build the 200,000-square-meter manufacturing base in Chennai, a city located on India's eastern coast off the Bay of Bengal, the company said in a June 13 filing to the Shenzhen Stock Exchange.