By Dominic Chopping

STOCKHOLM--Atlas Copco said Friday it has begun construction of a new factory in Talegaon, Pune, India that will manufacture air and gas compressor systems for the local market and for export.

The Swedish industrial tool maker said it is investing around 1.4 billion Indian rupees ($17 million) to build a manufacturing plant and office building, with completion expected by the second quarter of 2024.

"We invest further in capacity in India to cater to the growing demand of the Indian and export markets," said Vagner Rego, president of the company's compressor technique business.

"It will enable us to reach new customers and markets and improve lead times."

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

August 25, 2023 03:33 ET (07:33 GMT)

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