The Gujarat based Apollo Group, a market leader in road construction equipment business in India, has launched a strategic joint venture (JV) with the Ammann Group of Switzerland. The Ammann Group now holds a controlling stake of 70% in erstwhile the consolidated road construction equipment business of the Apollo Group. This investment marks the entry of the Ammann Group into the Indian market for road construction equipment, which is expected to grow in view of the policy thrust of government on increasing the road network across the country.
To form the JV, Gujarat Apollo Industries (GAIL) and its wholly owned subsidiary, Apollo Earthmovers (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 (ACEL) on slump sale basis.
The entities forming part of the Ammann Group have acquired fresh equity shares of ACEL such that their shareholding in Ammann Apollo India (ACEL), is 70% and the balance 30% shares of ACEL are now held by AEML.
The Apollo Group is the market leader in India in the manufacture of road construction equipment and this joint venture will give Armnann 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.
| Company Name | CMP |
|---|---|
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| Bharat Electronics | 289.10 |
| Thermax | 5340.60 |
| Kirloskar Oil Eng | 1224.00 |
| Praj Industries | 502.25 |
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