ACE bags contract to develop assembly plant at $24.98 mn

Under Regulation 30 of the Securities and Exchange Board of India (SEBI) Listing Obligation and Disclosure Requirements Regulations 2015, Action Construction Equipment Limited (ACE) has been awarded a contract to set up an assembly plant for the production of tractors, backhoe loaders and the manufacture of agricultural implements for the government of the Republic of Ghana for $24.98 million.

The company secured the contract through a credit agreement between the Government of the Republic of Ghana and the Export-Import (EXIM) Bank of India.

The project will be wholly owned and managed by the Government of the Republic of Ghana.

The project work includes the design, engineering and commissioning of the assembly lines and the provision of installations and machines for the production unit, including transferring the technical know-how, establishing the best production processes and quality control systems, and training of engineers and technicians from the Government of the Republic of Ghana for future operations.

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