CEO of Sandvik AB Mr Olof Faxander calls on Ambassador

CEO of Sandvik AB Mr Olof Faxander calls on Ambassador

Mr. Olof Faxander, President and Chief Executive Officer of Sandvik AB, visited the Embassy and met the Ambassador on April 7, 2015. Sandvik AB is one of the leading global Swedish companies which manufactures construction and equipment tools, furnace products and heating systems, hard and super hard materials, metal cutting tools, mining equipment and tools, stainless steel, special alloys and titanium, steel belts and processing systems. Mr. Faxander told the Ambassador about his recent visit to India. Apart from visiting Pune and Ahmedabad, Mr. Faxander had the opportunity to call on Prime Minister Modi in New Delhi and said that he had found the meeting to be very interesting as well as inspiring.

Ambassador recalled that Sandvik was one of the first Swedish companies which responded to the invitation by the first Indian Prime Minister Mr Nehru to invest in the newly independent India, which he issued during his 1957 visit to Scandinavia. Mr. Faxander told the Ambassador that Sandvik had already made large investments in India and was planning to increase its footprint by establishing a R&D centre.

Replying to Ambassador's query about where India figured in Sandvik's global markets, Mr. Faxander said that at present India ranked 13th but with the vision of the present Indian Government and the consequent economic acceleration, he expected India to climb up the ladder very fast. He noted that India offered many advantages to foreign investors such as relative security of Intellectual property, knowledge of English and a very favourable labour cost-differential. He suggested that if a "Relationship Manager" could be appointed in different regions to help foreign investors navigate the various clearances required, this would help attract more Swedish companies to India.

He assured the Ambassador that Sandvik was ready to play an even bigger positive role in India; in particular it could help in the expansion of coal mining sector in a more green and efficient manner. It could also offer a large number of infrastructure solutions such as tunnelling systems etc.