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Kennametal Looks to expand, modernise and relocate operations for growth in India

Capital Market/ 10:20 , Mar 05, 2013

Kennametal India and promoter, Kennametal Inc. (US) today announced that Kennametal India is filing an application with government agency Karnataka Udyog Mitra (KUM) seeking assistance to identify and allot a suitable parcel of industrial land for purposes of expansion, modernisation and relocation of the company's manufacturing operations and other services in the region.

The move aligns with previously stated plans of Kennametal Inc to expand in emerging markets, including India. To better position the company to serve the Indian market and support growth in this region, the company plans to modernise its business operations and other services with a new location that also will allow more space to build and develop state-of-the-art manufacturing operations. The company will consider relocating in phased manner to the new site over approximately four years, subject to securing all statutory approvals.

The expansion, modernisation and relocation plan is contingent upon availability of suitable parcel of land and its allotment by Karnataka Industrial Area Development Board (KIADB) within a radius of 40 kilometers of the existing location of the company's current manufacturing facility.

The company made this announcement during the trading hours today, 05 March 2013.

 



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