12:15 PM (MON): ACE to close acquisitions for Rs120 cr

Mumbai, August, 1 (EPC News): Haryana-based material handling and construction equipment manufacturer Action Construction Equipment (ACE) expanding its product portfolio will be acquiring two companies for a total Rs120 crore. Of the two companies, one is from India and the other is from China. The company is planning a qualified institutional placement of up to Rs 30 crore by the end of October to part finance the acquisitions. The Chinese acquisition would give it a better technology to produce on of its existing products at a lower cost while the local company will help it enter a new product line.

EPC News Bureau