South Korea’s DN Solutions to build factory in India

SEOUL, Aug. 21 (UPI) — The world’s third-largest machine tool manufacturer, DN Solutions, said Thursday it has broken ground for a factory at an industrial complex in the southern Indian city of Bengaluru.

The South Korean company noted that the factory will begin rolling out customized products, including the popular SVM 4100i vertical machining centers, during the first half of next year.

Once completed, it will become the second overseas production facility of DN Solutions, which has operated a plant in China’s Yantai since 2004.

DN Solutions has proactively invested in Bengaluru after signing a memorandum of understanding with the state of Karnataka, where the city is situated, in July 2024. This will be its new global base.

The corporation vowed last year to channel more than $70 million into Bengaluru, the biggest overseas investment since DN Solutions joined Korean automotive conglomerate DN Group in 2022.

DN Solutions said it plans to establish a research and development center in Bengaluru and hire more than 500 employees there by 2032.

Housed around 25% of India’s machining tool makers, Bengaluru will have a strong manufacturing supply chain, DN Solutions said.

Demand for machine tools has been strong in India, which have heavily invested in such industries as automobiles, electronics and energy.

“By breaking ground for a new factory and starting to recruit young talent, DN Solutions has become more closely connected to India’s manufacturing industry,” company CEO Kim Won-jong said in a statement.

Earlier this year, DN Solutions planned for an initial public offering worth more than $1 billion on the Seoul bourse. However, it postponed the listing, citing challenges in securing a fair valuation amid high uncertainty in the financial markets.