Ammann partners with Indian manufacturer

By Helen Wright19 December 2012

Road building equipment manufacturer Ammann is to acquire a 70% stake in Indian company Gujarat Apollo Industries’ plant and equipment business for € 44 million (US$ 58 million).

Gujarat Apollo is also a road construction equipment manufacturer, and Ammann said it was investing in its core business of asphalt mixing plants, road pavers, bitumen sprayers and compaction machines as part of a joint venture agreement. Gujarat Apollo reported a turnover of € 48 million (US$ 64 million) in 2011.

The joint venture company, Ammann Apollo India Private Ltd, will be responsible for the sale of the Ammann product range in the region. Gujarat Apollo will hold the remaining 30% stake in the joint venture.

The deal marks Ammann’s entry into the Indian market for road-building equipment. The manufacturer said it planned to expand its presence in asphalt mixing plants, asphalt pavers and compaction machines in India and the neighbouring markets.

Hans-Christian Schneider, who takes over as CEO of the Ammann Group in January, said, “The investment is an important step for the Ammann Group and represents part of a well-designed strategy to expand into the growing Indian market. We see our partnership in the joint venture enterprise as an opportunity to invest in product developments and innovations for markets both in India and around the world.”

The joint venture will be managed by the Gujarat Apollo management team along with personnel from Ammann. The agreement is set to be finalised by mid-April 2013.

MAGAZINE
NEWSLETTER
Delivered directly to your inbox, International Rental Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
Latest News
New battery storage systems from Aggreko
Batteries offer 40-50% reductions in fuel costs and emissions
Speedy trading update points to growth
UK rental company maintains “positive trading momentum” 
Herc posts upbeat Q2 and H1 2021 results
Planned market expansion supported by strong rental market and rising CapEx
CONNECT WITH THE TEAM
Murray Pollok Managing Editor Tel: +44(0)1505 850 043 E-mail: murray.pollok@khl.com
Simon Kelly Sales Manager Tel: +44 (0) 1892 786 223 E-mail: simon.kelly@khl.com
CONNECT WITH SOCIAL MEDIA