Gujarat Apollo Industries announced JV with Switzerland’s Ammann Group

Gujarat based Apollo Group, a specialist in road construction equipment business in India, has launched a strategic joint venture with the Amrnann Group of Switzerland. The Ammann Group now holds a controlling stake of 70 per cent in erstwhile the consolidated road construction equipment business of the Apollo Group.
 “The joint venture, with the involvement of the Ammann Group, is expected to have a more robust portfolio of products and customer solutions, significant operational synergies, global market reach and cash flow generation to support growth,” the company informed BSE in a statement.
To form the joint venture, Gujarat Apollo Industries Limited (GAIL) and its wholly owned subsidiary, Apollo Earthmovers Limited (AEML) have transferred their respective identified businesses, being the entire product portfolio of asphalt plants and the paver business excluding the crushing and screening business to Apollo Construction Equipments Limited (ACEL) on slump sale basis.
 “Entities forming part of the Ammann Group have acquired fresh equity shares of ACEL such that their shareholding in ACEL, which will be known as Ammann Apollo India Private Limited, is 70 per cent and the balance 30 per cent shares of ACEL are now held by AEML,” the statement adds.

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