Italtractor ITM SpA (“ITM”) and DOZCO (INDIA) PVT.LTD (“DOZCO”) announce today the creation of a joint company called ITM DOZCO PVT. LTD. The intention is to create the leading manufacturer of undercarriage components in India to optimize service to local and global customers. ITM DOZCO will offer a full range of undercarriage components and complete track system for earthmoving machines. The joint venture will cover the Indian market needs as well as requirements for global customers across all industries.
This agreement follows years of successful cooperation between ITM and DOZCO.
"By leveraging on ITM’s expertise in undercarriage production and design and DOZCO’s market knowledge and service capability, we will be able to offer to our customers a significant improvement in operational efficiency and quality service. This reinforces ITM’s position as a global player and key partner in the world of the undercarriage" - said Maria Cecilia La Manna, Chief Executive Officer of ITM.
N.G. Bangur, Director of DOZCO commented:"DOZCO, a reputed Indian manufacturer of Mining & Construction Equipment, Attachments & Components, joining forces with ITM, an international leader for manufacturing undercarriage components to meet the global demand, is a mile stone in the honourable Prime Minister’s “Make in India” initiative. This will be a boon to the quality and critical component starved customers. The world will reap the benefit with this joining hands of two respected and renowned leaders in their field" - he said.
Khaitan & Co has advised Italtractor ITM SpA Group (A Titan International Inc Company) led by a core transaction team including Partner Arindam Ghosh, Partner Sameer Sah, Senior Associate Kevin Shah and Associate Priyanka Venkatasubramanian with assistance from the following Direct Tax Director Vinita Krishnan and Principal Associate Shabnam Shaikh, Indirect tax partner Ayush Mehrotra, Senior Associate Pratyushprava Saha and Associate Abhishek Deodhar, Secretarial Aspects Subramanian Ramaswamy (Consultant).
Source Link
Picture Source :
