Schwing Stetter India is reportedly investing Rs 350 crores in two phases to set up a technology-enabled and environmentally-sustainable manufacturing facility in Chennai. The company is a 100 per cent subsidiary of the $1-billion German concrete machinery manufacturer Schwing GmBH, which is a part of XCMG group. Schwing Stetter India, which is one of India’s leading concrete equipment manufacturers, has acquired 53 acres of land near Chennai to set up a new unit. The new site aims to focus on new product launches and support the progression of engineered products from the prototype stage to serial production. Anand Sundaresan, VC and Managing Director, Schwing Stetter India said that the new unit would cater to the emerging infrastructure boom in India and export potential in Asia and African markets.