Business Standard

Telcon buys Spanish firm for Rs 282cr

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BS Reporter Mumbai
Telco Construction Equipment Company (Telcon), Tata Group company, has bought Serviplem, a Spanish construction equipment company, for euro 45 million.
 
According to a release issued by Telcon, an agreement has been signed with the shareholders of Serviplem to acquire 79 per cent stake in the company.
 
"The existing owners will continue to be associated with the venture and own the remaining 21 per cent," the release added. Serviplem holds a majority stake in a Chinese manufacturing company, set up in partnership with a local firm.
 
Ranaveer Sinha, managing director, Telcon, said, "The acquisition is of great strategic importance and will help our plan to become a $2-billion company by 2012. Serviplem focuses on manufacturing and sale of transit mixers, dry bulk tanks and pumps. The technology will help Telcon enter the concrete value chain with a number of offerings."
 
"With this acquisition, Telcon can drive growth in two important growth economies "" India and China," Sinha said, adding that Serviplem and Telcon would work together to identify opportunities and leverage their presence in the global market.

 

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First Published: Mar 29 2008 | 12:00 AM IST

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