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Spain's Serviplem becomes newest Tata acquisition
Saturday, 29 March 2008, 02:09 IST
Ahmedabad: With Jaguar and Land Rover firmly in its stable, India's Tata group has moved across to Spain and lapped up Serviplem, a globally ranked Spanish construction and equipment company based in Zaragoza, by acquiring a strategic 79 percent stake in it.
Telco Construction Company (Telcon), a joint venture of the Tatas with Hitachi Construction and Machinery, inked the deal with the Spanish company Friday.
The existing owners will continue to be associated with the venture and own the remaining 21 percent.
The acquisition provides Telcon an opportunity of full range service and play in two important growth economies, India and China, a statement issued by the company said.
Serviplem ranks amongst global top six in transit mixers, dry bulk tankers and pumps. Its technology will help Telcon enter the concrete value chain with a number of offerings.
Ranaveer Sinha, managing director of Telcon, told reporters here that the acquisition was of great strategic importance and would add impetus to its plan of becoming a $2 billion company by 2012.
The acquisition of stake is strategic because Serviplem also has a presence in China through a joint venture, which can be leveraged.
Sinha said that Serviplem and Telcon would work together to identify opportunities and leverage their presence in the global market.
With this acquisition, the Tata Group will have a significant presence in the Aragon region of Spain as it is already present in the area through its partnership with Hispano Carrocera, a bus body building company, and its recently opened branch office at Zaragoza.
Source: IANS
Source: IANS