Initiating the discussion, Mr. Steve Filipov, President - Developing Markets and Strategic Accounts of Terex Corporation, said that overseas construction equipment players are indeed euphoric about the promising potential of their products and services in India. The country has various advantages - cost effective in terms of manufa- cturing as it offers to be the most convenient place to export products and services to South Asian, Middle Eastern & African markets and a talent pool that is highly competitive. In reality, Terex Corporation is more euphoric than the rest. We currently have a strong presence in India in certain product lines and would like to further strengthen it in the coming future, he said.
Talking about the Terex expansion plans, he said that they have put in place a number of expansion routes focusing on introduction of new products and services that reflect their cutting edge technology attributes and their firm dedication to the market and the customers. Terex has plans to deliver its global support to Indian construction equipment industrial stream keeping in view customer’s prime interest to maximize their rate of return on product assets acquired from the corporation. The corporation looks forward to increasing its manufacturing, R&D, marketing and supply chain presence. There are plans on cards to double the existing capacities of our facilities in India and utilizing the same effectively for our all business areas. Expanding these activities would involve significant investment and we are well-equipped to do so and play a more proactive role in supplying sophisticated and modern products to help build globally efficient and competitive equipment market in India. About the nature and quality of the Indian markets, he said gradually it is becoming more matured with new buyers who do not seem to be very much price sensitive as was the case two-three years back. They value the additional components, superior technical attributes and comprehensive technical assistance and services which our products and services ensure fully.
Adding in the discussion, Mr. Jehangir Ardeshir, President & MD of Terex India categorized these buyers into two types where the first one is not very price sensitive whereas the second one is very sensitive to the price factor. Slowly and steadily, they are also joining the mainstream buyers recognizing the fallacy that acquiring technically advanced quality products does mean a bit more of initial investment but their return on investment (RoI) is better over time. In the process of acquiring equipment, it must be realized that it is not only equipment which is being bought but also related services – it is all about a complete solution, he added.
Both Steve and Jehangir emphasized that India still needs high tech products and services to implement various infrastructure projects at hand and future projects in its task of infrastructure development. Terex is appropriately placed to chip in the process by working even more closely across the country through seamless integration of its global technical and business practices with local ones. Terex Corporation is a diversified global manufacturer operating in four business segments - Aerial Work Platforms, Construction, Cranes, and Materials Processing. Terex manufactures a broad range of equipment for use in various industries, including the construction, infrastructure, quarrying, mining, shipping, transportation, refining, energy and utility industries. Terex offers a complete line of financial products and services to assist in the acquisition of Terex equipment through Terex Financial Services. Greater localization would be the prime focus of Terex operations in India.