David Brown Group has bought out its joint venture partner in its Indian subsidiary, David Brown Bharat Forge Gear Systems India Ltd, to take full ownership of the business. Following the acquisition, the Indian business will be known as David Brown Gear Systems India Pvt Ltd.
“David Brown Gears has a long history in India and we are very pleased to be able to build out capability and invest fully in the rapidly growing market,” said Thomas Burley, CEO of David Brown.
The initial joint venture was set up in 2011 with Bharat Forge as part of David Brown’s global expansion to serve international markets in the power, mining, hydro, irrigation, defence, cement, rubber, metals and sugar.
“David Brown will continue to build on the sound base established in core markets since 2011,” said Venkatesh Subramanyam, MD India. “Ongoing investment in manufacturing, people and infrastructure will further expand our capacity to meet local customer needs, leverage low cost supply for customers worldwide and continue a proud tradition of Made in India”.
Edited by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/mining/02102015/david-brown-buys-out-indian-joint-venture-partner-2949/