A proposed location has been given the green-light by the company's board, officials said, but no financial details were released.

Normet said the facility will operate to its global standards, support global demand and supplement its existing manufacturing and services locations in Finland and internationally.

Senior vice president - head of equipment Kari Hämäläinen said it will serve as a second global hub for the equipment business line's R&D and support many engineering disciplines.

"The equipment manufacturing site will be a major hub for the new modular multi-application product offering for logistics and personnel transportation," he added. "India is an optimal location for a manufacturing and R&D operations facility serving global markets."

SVP and head of services Riku Helander said the site - the specifics of which have not been made available - will support its development of a training offering and be a centre of excellence for process expertise and digialisation.

"For the services business line, the site will be an important location supporting both local and global customers. We have a significant Normet fleet operating in India and optimising all aspects through the equipment life cycle for our customers is critical for us."