INDIA BUSINESS WORLD - March 16^th - March 31^st - 2008

TELCO CONSTRUCTION EQUIPMENT COMPANY (TELCON)TAKES 79% STAKE IN SPANISH FIRM

Tata group company, Telco Construction Equipment Company (TELCON),has said that it has signed a deal to acquire a 79% stake in Spain-based Serviplem SA. An agreement has been signed with the existing shareholders of Serviplem to acquire their 79% stake in the company, TELCON said in a press release. The existing owners will continue to be associated with the venture and own the remaining 21%, the release said. This acquisition is of “great strategic importance” and will add impetus to TELCON’s plan to become a 2-billion-dollar entity by 2012, Telcon’s MD Ranaveer Sinha said.