ElectroMech, Indian industrial crane manufacturer and Chinese construction equipment manufacturer Zoomlion has signed an agreement to set up a JV plant in India.
The JV plant will be Zoomlion's first directly-invested overseas plant, with Zoomlion holding a 70 per cent stake and ElectroMech owning the remainder. The proposed plant will specialise in tower crane production. Zoomlion plans to invest $100 million (approx Rs 570 crore) in its business development in India in the next few years.