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Zoomlion seals deal for JV plant in India
Source: Xinhua |
August 22, 2012, Wednesday
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CHINESE construction equipment producer Zoomlion has sealed a deal to set up a joint venture plant in India with ElectroMech, India's largest industrial crane maker.
He Wenjin, vice president of Changsha Zoomlion Heavy Industry Science and Technology Development Co, said yesterday that the joint venture will be Zoomlion's first directly-invested overseas plant, with Zoomlion holding 70 percent and ElectroMech owning the remainder.
After signing the pact with ElectroMech in Changsha, Hunan Province, He said Zoomlion has a long-term strategy in the Indian market and plans to invest US$100 million to bolster its business development in India in the next few years.
He said the two partners hoped the plant, which will make tower cranes, will realize US$50 million in annual sales in five years.
Tushar Mehendale, managing director of ElectroMech, said that India will invest US$1 trillion on infrastructure projects over the next five years.
He Wenjin, vice president of Changsha Zoomlion Heavy Industry Science and Technology Development Co, said yesterday that the joint venture will be Zoomlion's first directly-invested overseas plant, with Zoomlion holding 70 percent and ElectroMech owning the remainder.
After signing the pact with ElectroMech in Changsha, Hunan Province, He said Zoomlion has a long-term strategy in the Indian market and plans to invest US$100 million to bolster its business development in India in the next few years.
He said the two partners hoped the plant, which will make tower cranes, will realize US$50 million in annual sales in five years.
Tushar Mehendale, managing director of ElectroMech, said that India will invest US$1 trillion on infrastructure projects over the next five years.
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