Kobelco Cranes India, the Indian arm of the Japanese crane manufacturer Kobelco Cranes signed a memorandum of understanding for expanding the existing production unit at Sri City. As the current production facility, which started commercial production of hydraulic crawler crane during Feb 2012 in a plot of 10 acres, is bursting at the seams, Kobelco wants to expand its facility by acquiring additional space. Kobelco's facility expansion will create job opportunities for more than 100 people. Yutaka Goto, President, Kobelco Cranes India and Ravindra Sannareddy, Managing Director, Sri City signed a lease agreement for an additional 10 acre-plot in Sri City, in the presence of N Chandrababu Naidu, Chief Minister of Andhra Pradesh, who is on a visit to Japan along with a delegation. Speaking on the occasion Ravindra Sannareddy said, “I am glad to state that Kobelco was one of the early entrants to Sri City, and perhaps their success made Sri City a referral destination for investments, not only from Japan, even from others across the world. With its expansion, I am confident; Kobelco Cranes would capture a larger market share."