HD Construction Equipment said on August 31 that its Indian subsidiary will raise approximately 87.7 billion Korean won through a paid-in capital increase subscribed by HD Hyundai Site Solution, HD Hyundai's construction-equipment intermediate holding company. The funds will finance a forklift production base and a research and development center near the subsidiary's existing excavator plant in Chakan industrial park, Maharashtra. The forklift facility is scheduled to receive 47.8 billion won in stages from this year through 2030, while 39.9 billion won will be allocated to the R&D center from 2027 through 2030. The combined operation is planned to support annual forklift capacity of up to 5,000 units, Indian domestic sales and exports to neighboring emerging markets. The Indian unit will also expand R&D using local talent. Grand View Research projects India's industrial vehicle market will grow 5% to 6% annually and exceed $10 billion by 2033, supported by government-led transportation and logistics infrastructure investment.