US-based Terex Corporation, which increased its holding to 70 per cent in Czech truck maker Tatra earlier this month, is setting up a new joint venture in India with the UK-based NRI-promoted Vectra to manufacture its range of back hoe loaders, excavators and compaction equipment. Vectra also has a 21 per cent stake in the Czech truck maker.
The new venture, Terex Vectra Equipment Pvt Ltd, will be setting up a greenfield factory in Greater Noida, near Delhi, which is expected to go on stream from January 2004, executives of the company said at a press conference here on Saturday.
Each partner will put in $4 million into the equity capital of the 50:50 JV. Eish Jaitley will be its chief executive officer. Vectra