Sany India looks to increase exports, double production levels by 2025

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Mint. “Besides the domestic market, we are also looking at exports to the Middle East, Asia, Africa, Europe and the U.S. These exports contributed to 14% of our revenues in FY24 from 4% a year earlier," Sany’s managing director Deepak Garg said.

The company has also set a target to grow the contribution of exports to about 50% by 2030. “In the longer term, we look at India as a global sourcing base for the group and an export hub for the country," he said, while adding that the company is working towards higher levels of localization to achieve this goal. A research report from ratings agency ICRA in January also noted that Sany's scale of operations in the country had improved significantly in FY23 from a year earlier.

This was aided by improved sales in hoisting equipment and mining segments, and increasing exports of telehandlers, a product launched in FY23 that is gaining traction in the US market, the report stated. For context, Sany India’s consolidated revenue from operations grew to ₹4,631.9 crores in FY23, from ₹3,015.1 crores a year earlier. With India being the Group's second-largest market outside of China, the Indian arm contributes about 12% to its overseas revenue and 4% to the group’s overall income.

According to its plan, Sany India has begun the initial phase of its investment of about ₹750 crore in capital expenditures to upgrade its facility in Pune over a period of 18 months. Garg explained that the company is working towards doubling the manufacturing areas in its existing factories and also looking to invest significantly in new robotic equipment and technologies to increase its localization level and improve its overall capacity in the country. Garg outlined plans to double the production capacity