BEML Limited, India-based second largest heavy equipment producer in Asia, will invest $44 million in Indonesia to support its business expansion in the country, the business daily Bisnis Indonesia quoted the company's top official as saying on Tuesday.
The expansion move was supported by promising heavy equipment demand in Indonesia for coal mining and construction sectors. To support the expansion, BEML Limited established PT BEML Indonesia.
PT BEML Indonesia the chairman and managing director of BEML Limited, said that a fund worth $44 million was allocated for its marketing office construction and spare part depot as well as for a product services centre in Balikpapan in East Kalimantan province.
"Currently, India buys coal from this country and we want Indonesia to buy heavy equipment from India. We have close historical relationship with Indonesia. So, we are a neighbour that wants to maximise business potential with Indonesia," he said in the sidelines of PT BEML Indonesia inauguration on Monday.
BEML Limited was formerly known as Bharat Earth Movers. The group's principal activity is to manufacture mining and construction equipment, railway rolling stocks, metro and defence equipment and trading.
{{/usCountry}}BEML Limited was formerly known as Bharat Earth Movers. The group's principal activity is to manufacture mining and construction equipment, railway rolling stocks, metro and defence equipment and trading.
{{/usCountry}}