03.11.2006

ACE set to buy European company

Delhi-based Action Construction Equipment (ACE) is reported to be close to completing an Eastern European acquisition.

The Indian manufacturer of mobile cranes and aerial lifts is reportedly ready to spend around half of the proceeds from its successful initial public offering in September.

Sources say that the deal is likely to be announced in mid-November. The company already has joint ventures with companies such as Autogru PM-Italy, Zoomlion-China, Maber-maastclimbers-Italy and Airo-Tigieffe-Italy, and is also looking at fresh acquisitions in the Middle-East and Europe.

ACE is also planning to consolidate its domestic presence. It is setting up a manufacturing plant for loaders, an R&D centre and a corporate office at Faridabad, Haryana.