Gainwell to invest Rs 500 cr in mining equipment manufacturing in Bengal
Gainwell Engineering on Monday said it will invest Rs 500 crore to manufacture coal mining equipment, with license from global heavy equipment major Caterpillar, in West Bengal.
The company said it entered into a technology licensing agreement with Caterpillar, which will enable it to manufacture equipment to support the growing coal production in India and for the global markets.
Coal India will incur a capex of Rs 40,000-50,000 crore over the next 4-5 years and a large chunk of the investment would be in procurement of mining equipment.
As a part of the agreement, Gainwell Engineering will also supply after-market spare parts and render service support to the existing active population of licensed Caterpillar room & pillar equipment and highwall miner.
Gainwell Engineering is setting up its plant on 35 ares of land at Panagarh in West Bengal's Paschim Bardhaman district.
"It will create employment opportunity for more than 250 highly skilled technicians, Gainwell CMD Sunil ...