|
Telcon to acquire controlling stake in Serviplem S.A |
|
|
|
Written by Hari
|
|
Monday, 31 March 2008 |
Telco Construction Equipment Company Limited (Telcon), the leader in the Construction Equipment Sector in India, has signed an agreement with the existing shareholders of Serviplem S.A, Spain for acquisition of their 79% stake in the Company.
The existing owners of Serviplem will continue to be associated with the venture and own the remaining 21%.
Speaking on the occasion of signing the agreement, Mr Ranaveer Sinha, Managing Director of Telcon, said, "This acquisition is of great strategic importance. Serviplem focuses on manufacturing and sale of transit mixers, dry bulk tanks and pumps, and the technology will help TELCON to enter the concrete value chain with a number of offerings.
We will work together to identify opportunities and leverage their presence in the global market."
Serviplem also has a presence in China through a joint venture, facilitating Telcon to leverage growth opportunities in China as well. |
