The visit of Chinese premier Hu Jintao has provided a perfect launching pad for the Chinese investors to mark their presence in Maharashtra.
No wonder, then, the Chinese major manufacture Sany Heavy Industries signed a memorandum of understanding with the State for investing Rs 270 cr in a greenfield manufacturing project near Pune on Thursday. It happened barely a couple of hours after Jintao announced that the Chinese government would encourage firms wishing to invest in Maharashtra. This is the biggest ever Chinese investment in any part of the country.
Sany plans to start manufacturing construction machinery by 2007. The 100-acre project site is yet to be finalised. It will create 2000 direct and indirect jobs. The plant capacity will be 15,000 units per year.
China's Ambassador to India Sun Yuxi said the Chinese investors were more than eager to come to India. "Some 50 Chinese firms are already operating in India and a few hundred more have intention of coming to India."
Yuxi underlined the Indian firms' presence in China as well. "We've 150 Indian companies operating in information technology and other service sector in our country."
He said the finance was not a problem as Chinese banks were more than willing to pump in their money for investment in India.
Sany chairman Liang Wengen said the firm wanted to benefit from the booming construction business in India. The company's subsidiary Sany Heavy Industries India Pvt Ltd has been doing business in India for last four years.
The company is all set to establish a record here of its trailer-mounted concrete pump by vertical pumping for 215 meters in a project of tallest building of India in Mumbai. Sany's other internationally popular products are truck-mounted concrete pump, concrete batching plants, motor graders, rollers, asphalt pavers, hydraulic ecavators, truck cranes, crawler cranes and drilling rig.
Initially, Sany will procure the German and Japanese chassis for their products as suitable sizes are not manufactured in India. "But we're holding talks with the Tatas and Ashok Leyland for providing us the require chassis," said Wengen.