DN Solutions' Expansion Plan in Bengaluru: Rs 600 Crore plus Investment by 2030 with Karnataka Gov. MoU
SEOUL, South Korea, July 3, 2024 /PRNewswire/ -- DN Solutions plans to make a Rs 600 crore plus investment by 2030 in Bengaluru, India, to establish a new factory and R&D center.
Known as a leading global brand for machine tools in India, DN Solutions' CEO, Wonjong Kim, recently met with S. Selvakumar, Principal Secretary of Industries for Karnataka, India.
This meeting took place at Lotte Hotel Seoul in South Korea on Tuesday, July 2nd, where they signed a Memorandum of Understanding (MoU) to formalize the investment agreement.
Under the MoU, DN Solutions will invest approximately Rs 600 crore plus by 2030 to construct a new manufacturing facility and research hub in Bengaluru.
The Government of Karnataka, in turn, has committed to providing necessary administrative support, including permits and incentives.
The MoU signing ceremony was attended by key dignitaries including M. B. Patil, Karnataka's Minister for Large and Medium Scale Industries, Infrastructure Development, Amit Kumar, the Ambassador to Seoul and Ramesh Vishwanath Iyer, President of the Indian Chamber of Commerce (ICCK) in Korea.
Mr. Patil was in Korea as part of a state government initiative to attract investments to Karnataka.
Located on a site spanning approximately 100,000 sq.m within an industrial park near Bengaluru, the new facility is expected to be operational by 2026.
This strategic investment aims to enhance accessibility to DN Solutions' high-quality products in India, streamline order fulfillment times, and cater more effectively to the specific needs of Indian customers.
DN Solutions first established its presence in India in 2008 with the opening of a technical center in Bangalore. Earlier this year, the company introduced the SVM 4100i machining center tailored to the local market, which has received positive feedback.
Kim, the CEO of DN Solutions, expressed confidence in India's competitive manufacturing capabilities, emphasizing its status as a key emerging market for the company's future growth. He reaffirmed DN Solutions' commitment to meeting the demands of Indian consumers by continually developing and launching localized product models.
*Founded in 1976, DN Solutions has built a comprehensive lineup of over 500 types of machining tools for its turning centers and machining centers, based on its proprietary technological prowess. It ranks as the world's third-largest machining tools brand by revenue. With a network spanning 66 countries and 141 overseas dealers, DN Solutions meets the demands of diverse industries such as automotive, aerospace, medical, energy, IT, and construction. The company has successfully launched and sold global top brands like PUMA and DNM, renowned for their durability, precision, and strength. DN Solutions also offers high-end products such as 5-axis machines and turn-mill machines, along with software solutions like the smart machining operation platform CUFOS, high-productivity automation solutions and smart manufacturing solutions.
SOURCE DN Solutions
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