International cranes major Manitowoc has bought out the equity stake of the B G Shirke family in its joint venture Shirke Construction Equipment.The $2.9 billion, Wisconsin, US based Manitowoc has set up Potain India to continue the manufacturing of tower cranes that was being done by the joint venture company. Potain India will manufacture tower cranes with capacities ranging from 5 tonne with 50 metre jib length to 25 tonne with 80 metre jib capacity.R Badarinarayan, managing director and chief executive officer, Potain India, said the company's decision to set up operations on its own was in accordance with the group strategy to manufacture products as close to customers as possible. The joint venture has so far supplied close to 500 tower cranes in India. Badarinarayan said the company is extremely optimistic about the progress in India's infrastructure sector, and sees a major opportunity for itself in the local market. He said there are plans to open a new Manitowoc Crane care centre in India as a post-sales service operation. Badarinath declined to disclose the value of the stake sale deal or the size of Shirke Construction Equipment. He said the company can't also disclose the sales estimates adding that production will be according to demand from the industry.Raman Joshi, sales director (Asia Pacific), Manitowoc, said the company may consider using the India facilities for manufacturing of components needed by the group globally. "Now that the company is a wholly-owned subsidiary of Manitowoc, many possibilities can be considered," he added. Manitowoc owns four major crane businesses including Manitowoc that makes lattice-boom crawler cranes, Potain that makes tower cranes Grove that makes mobile telescopic cranes and National Crane that makes boom trucks. It has a joint venture with Tractors India to manufacture Grove products at a facility near Kolkata.
