BANGALORE, India, March 5, 2013 /PRNewswire/ -- Kennametal India Ltd. (KENNAMET: BSE India) and promoter, Kennametal Inc. (U.S.) today announced that Kennametal India is filing an application with government agency Karnataka Udyog Mitra (KUM) seeking assistance to identify and allot a suitable parcel of industrial land for purposes of expansion, modernisation and relocation of the company's manufacturing operations and other services in the region.
The move aligns with previously stated plans of Kennametal Inc. to expand in emerging markets, including India. To better position the company to serve the Indian market and support growth in this region, the company plans to modernise its business operations and other services with a new location that also will allow more space to build and develop state-of-the-art manufacturing operations. The Company will consider relocating in phased manner to the new site over approximately four years, subject to securing all statutory approvals.
The expansion, modernisation and relocation plan is contingent upon availability of suitable parcel of land and its allotment by Karnataka Industrial Area Development Board (KIADB) within a radius of 40 kilometers of the existing location of the company's current manufacturing facility.
"This expansion plan would allow us to build on our robust position and serve growing demand in India's industrial and infrastructure sectors," said Mr. Bhagya Chandra Rao, managing director of Kennametal India. "Kennametal's intention is to serve India's growth with advanced technological capabilities in the industry, which is very good news for our customers, employees and community."
Kennametal India Ltd. provides industrial technologies, engineering and services for manufacturing and infrastructure development. Celebrating its 75th year as an industrial technology leader, Kennametal Inc. delivers productivity to customers seeking peak performance in demanding environments. Kennametal provides innovative wear-resistant products and application engineering backed by advanced material science, serving customers in 60 countries across diverse sectors of aerospace, earthworks, energy, industrial production, transportation and infrastructure. With approximately 13,000 employees and nearly $3 billion in sales, Kennametal Inc. realizes half of its revenue from outside North America, and 40% globally from innovations introduced in the past five years. Recognized among the "World's Most Ethical Companies" (Ethisphere); "Outstanding Corporate Innovator" (Product Development Management Association); and "America's Safest Companies" (EHS Today) with a focus on 100% safety, Kennametal Inc. and its foundation invest in technical education, industrial technologies and material science to deliver the promise of progress and economic prosperity to people everywhere. For more information, visit the company's website at www.kennametal.com.
