ETA Star Group's Western Auto LLC and Austria-based Palfinger have announced a joint venture to distribute Palfinger cranes and hook loaders in the United Arab Emirates.
A new subsidiary, Star Palfinger, has been established with an initial investment of EUR 1.2 million (US$1.73 million).
Western Auto will hold 74 percent shares of the subsidiary, while Palfinger Asia Pacific Ltd will have the rest 26 percent, according to Jahufar Buhari, director and CEO, Indian operations, ETA Star Western Auto.
The JV is aimed at tapping infrastructure market in the UAE, according to A J Kamal, Director, Western Auto LLC.
"The cranes will be imported from Austria under this JV and distributed in India," said Christopher Rauch, managing director, Asia Pacific Business, Palfinger Group.
Star Palfinger Equipments Private Limited will be headquartered in Chennai.
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