The Kyocera Corp. (IW 1000/312) announced yesterday that construction has been completed on the company's first manufacturing plant in India.
The group created the Kyocera CTC Precision Tools to strengthen the company’s cutting tools business in the Indian market, where demand for industrial cutting tools is expanding rapidly.
The industrial cutting tool market in India is expected to grow the fastest of all newly developing countries based on the growth in the automotive, industrial machinery, energy, and infrastructure markets. Furthermore, with price competition intensifying among automotive manufacturers in India, there is a growing priority for purchasing domestically made products, the company noted.
“As our first manufacturing site in India, we hope that Kyocera CTC Precision Tools will act as a springboard for the Group’s further business expansion in the country,” stated Kyocera Corporation Chairman Tetsuo Kuba during a speech given at the completion ceremony.
The plant, located in Jamshedpur, Jharkhand, which began limited operation in December in 2013, manufactures insert and tool holders. Next month it will begin producing 100,000 inserts per month.