Hi Imran, have you looked at the non-adjustable, fixed width groovers by whitehill?? Far less expensive than the adjustable version if you are fine with one width, though with care a wider groove can be made with multiple passes.? The 300mm ones will do 4.5" depth.??
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https://www.whitehill-tools.com/cutter-heads/turn-blade-groovers/CBS013V1/