Action Construction Makes Acquisitions in China, India

Mumbai : Action Construction Equipment (ACE), a cranes, material handling and construction equipment manufacturer based in Haryana, is close to acquiring both a company in India and a company in China for roughly US$27 million, according to a report from the Economic Times.

According to ACE Executive Director Sorab Agarwal, the company is preparing a qualified institutional placement of up to US$6.75 million and will also receive US$4.5 million from promoters’ conversion of warrants into equity shares to help finance the two acquisitions.

“The Chinese acquisition would give us a product that we already manufacture, but with better technology and at a lower cost. While the acquisition of the local company will help us enter a new product line,” Agarwal explained in an interview with the ET, however he declined to name the targeted companies.