Mehsana-based Gujarat Apollo Industries has decided to divest 49 per cent of its holding in Johnson Screens (India), a joint venture company with Johnson Screens Inc, USA (A Weatherford Company). | |
| Sources close to the development said this was done at the behest of the parent company Johnson Screens USA, which is looking at more business from India. |
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| Upon completion of the disinvestment in March 2008, Gujarat Apollo will get a fund of around Rs 26 crore, which will be utilised for the company's expansion plans to manufacture new products and enter new markets. |
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| The company is pre-dominantly into manufacturing of road construction equipment where 30 per cent of its products are exported to close to 40 countries. |
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| A company official from Gujarat Apollo said the company was looking to consolidate its presence in the road construction equipment market which is growing 30-35 per cent each year. |
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| The market is estimated to be around Rs 1,000 crore, which could grow to Rs 1,400 crore in the next two years, the official added. |
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