ACE board okays Romanian acquisition

MUMBAI: Action Construction Equipment Ltd’s (ACE) board on Monday approved the acquisition of a 74% stake in a Romanian company for $2.15 million.

The acquisition was made through the company’s Cyprus-based subsidiary, Frested Ltd. It also plans to invest an additional $4.5 million in the Romanian company, which it did not name.

The Delhi-based Action Construction is also looking at consolidating its domestic presence by acquiring 60% market share as far as its existing product range is concerned.

The company is eyeing markets in the Middle East, Asia, Africa and Europe.

ACE has over 4,000 clients in the country and has joined hands with global players like Autogru PM-Italy, Zoomlion-China, Maber-Italy and Tigiefee Srl-Italy.