Telcon acquires 60 percent stake in Lebrero

Telcon, India's largest construction equipment manufacturer, has acquired a 60% stake in Spanish road building equipment maker Lebrero. It is the second acquisition that Telcon has made in Spain in the space of a week, following its acquisition of a 79% holding in truck mixer maker Serviplem.

Speaking at the signing of agreement, Telcon managing director Ranaveer Sinha said the speed of its acquisitions would not detract from the company's core focus on the Indian market.

"This acquisition helps Telcon strengthen and add relevance to the Serviplem deal of enhancing product offerings in the road and general construction value chain," the company said in a statement.

Telcon, a 40:60 joint venture between Hitachi Construction Machinery and Indian conglomerate Tata Motors has set out a plan to achieve US$ 2 billion in revenues by 2012. Tata already has a presence in Spain through a partnership with bus body company Hispano Carrocera.