Tractor India Pvt Ltd (TIPL) would set up an underground mining equipment manufacturing plant in Asansol at an investment of Rs 120 crore, a company official said today.
The facility would come up on 10 acres of company land, said Sunil K Chaturvedi, CMD of TIPL.
He said TIPL, which has been a dealer of Caterpillar's earth moving equipment, would also manufacture the machine under its own brand using Caterpillar technology.
Chaturvedi said Caterpillar had in recent times stopped making these machines.
The factory would start commercial operations from the July-September quarter next fiscal.
He said the company would cater to the markets of Australia, Russia and Europe, besides India.
Chaturvedi TIPL would source its components from abroad and within the country, adding, that the production volume would be two to three per year.
"These are very expensive machines each costing around Rs 90 crore and could reach the height of a three-storeyed building," he told reporters on the sidelines of Infocom 2017 here.
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