Ahmedabad: Gujarat based Apollo Industries Ltd has entered into a strategic joint venture with Switzerland based Ammann Group.
Online PR News – 12-April-2013 – Navi Mumbai – Ahmedabad: Gujarat based Apollo Industries Ltd has entered into a strategic joint venture with Switzerland based Ammann Group. As per the recent agreement, Ammann Group now holds a controlling stake of 70% in erstwhile the consolidated road construction equipment business of the Apollo Group. The recent initiative has marked Ammann Group’s entry into the Indian road construction spectrum.
The Apollo Group is the market leader in India in the manufacture of road construction equipment and this joint venture will give Ammann a head start in its expansion plans into India. The joint venture, with the involvement of the Ammann Group, is expected to have a more robust portfolio of products and customer solutions, significant operational synergies, global market reach and cash flow generation to support growth.
To form the joint venture, Gujarat Apollo Industries Limited (GAIL) and its wholly owned subsidiary, Apollo Earthmovers Limited (AEML) have transferred their respective identified businesses, being the entire product portfolio of asphalt plants and the paver business (excluding the crushing and screening business) to Apollo Construction Equipments Limited (ACEL) on slump sale basis.
EPC World News Bureau