08.12.2010

Sanghvi Movers to spend $44 million in 2011

Sanghvi Movers, India’s largest crane rental company says that its capital expenditure for 2011 will be in the region of Rs200 crore ($44.3 million/€33.6 million) mostly for new cranes, a large portion of which will be Terex crawler cranes drawn down from the €70 million order it placed in October.

The size of its fleet at the end of September was 350units with a replacement value according to the company of Rs1200 crore ($260 million/€200 million).Utilisation of the fleet is currently running at around 80 percent.

The company also said that it has added 45 cranes in the first half of its current fiscal year, at a cost of Rs156 crore ($34.5/€26.2 million) and will add a further 20 cranes costing Rs134 crore ($22.5/€29 million) by March.

“We are looking to end the year with a fleet size of 370-375 and spend Rs200 crore next year,” chief executive Chandrakant P Sanghvi while speaking with local reporters. Please register to see all images

Chandrakant P. Sanghvi