Telco acquires 60% stake in Spanish construction firm

New Delhi, Apr 4 (UNI) Telco Construction Equipment Company Ltd and a 60:40 joint venture between Tata Motors and Japan's Hitachi Construction Machinery Co Ltd (HCMC) have signed an agreement with Spain's Comoplesa Lebrero for acquisition of 60 per cent stake in the company.

''This acquisition helps Telco enhance product offerings in the road and general construction value chain. Telcon, Hitachi and Lebrero will work together to identify opportunities and leverage their presence in the global market,'' Telcon Managing Director Ranaveer Sinha said in a statement.

The balance will be retained by the existing shareholders who will continue to be associated with the venture.

Lebrero has been sourcing components from Telcon for its product for the last four years.

Telco is the largest manufacturer of construction equipment in the country and is a wholly-owned subsidiary of Tata Motors.

UNI SR SBA DB2007