Pune, August 2015 - As part of its continued growth in the country and to leverage India's position as one of the best cost countries in its operations, Sandvik had recently announced a commitment to set-up a world-class manufacturing facility at Chakan, which is part of the Maharashtra Industrial Development Corporation (MIDC) Industrial Park near Pune.

Development of the site commenced with the ground-breaking ceremony held at the site recently. The facility will be operational by end of 2016. The company has made an initial investment of USD 45 million (approx Rs 275 crore) towards the 53-acre plant. To develop the facility, the company will make strategic investments in a phased manner over the next 5 years. In the first tranche, it has announced a USD 45 million commitment to commence development of the site by mid-2015. The new world-class manufacturing facility will help the company further innovate and create solutions for India's emerging needs under the visionary 'Make in India' initiative.

Sandvik is a global industrial group with advanced products and world-leading positions in selected areas - tools for metal cutting, equipment and tools for the mining and construction industries, stainless materials, special alloys, metallic and ceramic resistance materials as well as process systems. In 2014 the Group had about 47,000 employees and representation in 130 countries.

Sandvik Asia is the Indian subsidiary of the Sandvik Group and a strategic growth engine in its emerging markets footprint.