Telco Construction acquires 79% stake in Serviplem

New Delhi, Mar 28 (UNI) Telco Construction Equipment Company Limited (Telcon), a leading operator in the Construction Equipment Sector in India, today said it has acquired 79 per cent stake in Serviplem S.A, Spain.

The existing owners of Serviplem will continue to be associated with the venture and own the remaining 21 per cent, said a statement.

Company Managing Director Ranaveer Sinha said ''This acquisition is of great strategic importance. Serviplem focuses on manufacturing and sale of transit mixers, dry bulk tanks and pumps, and the technology will help TELCON to enter the concrete value chain with a number of offerings. We will work together to identify opportunities and leverage their presence in the global market.'' Serviplem also has presence in China through a joint venture, facilitating Telcon to leverage growth opportunities in China as well.

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