Gujarat Apollo Ind rallies on strategic JV with Switzerland based Ammann Group

Gujarat Apollo Industries has rallied 12% to Rs 152 after the company said that the Swiss building materials maker Ammann Group is picking 70% stake in the consolidated road construction equipment business of Apollo Group in a deal valuing the business at Rs 400 crore.

“The Gujarat based Apollo Group has executed binding agreements pursuant to which the Ammann Group of Switzerland intends to hold a controlling stake of 70% in the consolidated road construction equipment business of Apollo Group, which is valued at approximately Rs 400 crore,” Gujarat Apollo Industries said in a statement.

The foreign partner would invest in the core business of the Apollo Group comprising asphalt plants, pavers, curb pavers, bitumen sprayers, compaction equipment, etc, it added.

 

The stock opened at Rs 142 and hit a 52-week high of Rs 162 on the NSE. A combined 303,768 shares have already changed hands on the counter till morning deals against an average sub 100,000 shares that were traded daily in past two weeks.