Pune-based Kalyani Group on Sunday said Hyosung T&D India, a subsidiary of the South Korean major Hyosung Corporation, will set up its greenfield manufacturing facility in Khed City near Pune.
“The company will produce high voltage gas insulated switch gears and related accessories using state of art technology for domestic markets and thus contributing in enhancement of the electrical transmission efficiency and reliability,” Kalyani Group said in a statement.
It further said: “Hyosung has leased about 14 acres of land to set up its project and plan to go in production by June, 2016.”
Khed City, promoted by Khed Economic Infrastructure ltd (KEIPl), is a joint venture between Maharashtra Industrial Development Corporation (MIDC) and companies of Kalyani Group.
MIDC holds 26 per cent of the equity capital in KEIPl while 74 per cent is held by Kalyani Group companies.