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TELCON to acquire controlling stake in Comoplesa Lebrero S.A. Press kit

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4 April, 2008

Telco Construction Equipment Company Limited (TELCON), the leader in the construction equipment sector in India and a 60:40 joint venture between Tata Motors and Japan’s Hitachi Construction Machinery Co. Ltd. (HCMC), yesterday signed an agreement with the existing shareholders of Comoplesa Lebrero S.A., Spain, for acquisition of their 60% stake in the company. The balance will be retained by the existing shareholders who will continue to be associated with the venture.

Speaking on the occasion of signing the agreement, Mr Ranaveer Sinha, Managing Director of Telcon, said, “This acquisition helps Telcon 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.”

Over the past four years, Lebrero was sourcing components from Telcon for its product. Telcon’s acquisition of a stake in Lebrero will strengthen the association further.

About Telcon
Telcon is the largest manufacturer of construction equipment in India. Telcon was set up in 1999 as a wholly-owned subsidiary of Tata Motors by the spin-off of the Construction Equipment Business Unit of Tata Motors. Subsequently, in 2000, Tata Motors inducted Japan’s Hitachi Construction Machinery Co. Ltd. (HCMC) into Telcon by divesting 20% of its shareholding; in 2005, HCMC increased its shareholding to 40%. Hitachi is amongst the top 5 construction equipment companies in the world. Telcon is in the business of designing, manufacturing, assembling, selling, distributing and dealing in all services related to earth moving machinery and construction equipment with manufacturing facilities at Jamshedpur and Dharwad and a marketing and service network across India. Its product range presently includes hydraulic excavators, crawler cranes, wheel loaders, backhoe loaders, dumpers and motor graders. The company is also a pioneer in adopting environment friendly road resurfacing technology. It has formed a joint venture, Telcon Ecoroad Resurfaces Pvt. Ltd.(TERPL), with HCM, GreenArm Japan, and IVRCL India to promote environment-friendly road resurfacing technology in India. Telcon has also acquired a 79% stake in Serviplem S.A. of Spain, which ranks amongst global top six in transit mixers, dry bulk tankers and pumps.

About Comoplesa Lebrero S.A
Comoplesa Lebrero S.A. is the market leader in Spain with its Lebrero brand in the manufacturing, marketing and servicing of compaction equipment. It is based in Zaragoza.

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