Sandvik Asia Ltd, the wholly owned subsidiary of the USD 8 billion Swedish Group Sandvik, is setting up a new high-speed steel plant under the Sandvik Tooling Division in Pune, India. The plant is expected to go on stream by 2008 calendar year. Mr Hakan, Managing Director and President of Sandvik Asia Ltd, said the estimated production in the new plant would be one million units in the first year. Currently the company is manufacturing about 250,000 units of Taps. He noted that the plant was turning out about 100tns of reusable material per year.