China firm plans $70 million plant

Sany Heavy Industries, China the manufacturers of earth-movers, cranes, excavators and other utility vehicles signed a memorandum of understanding with the state government to invest $70 million.

The company's plant will come up over 100 acres near Chakan in Pune district and it is expected that the plant will generate employment for around 2,000 persons and commercial production is expected to commence in the later part of next year.

This is so far the largest Chinese investment in India, claimed Maharashtra Industries Minister Ashok Chavan while speaking on the occasion.

The MoU was signed by the industry secretary V K Jairath on behalf of the state government and Liang Wengon, chairman on behalf of the SHI.

The state's finance minister Jyant Patil and China's ambassador to India Sun Yuxi were also present.