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Article: Caterpillar to Purchase Increased Stake in Indian Diesel Engine Business.
- Article from:
- PR Newswire
- Article date:
- February 6, 2003
CopyrightCOPYRIGHT 2003 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Caterpillar has announced its intention to acquire all outstanding shares in the company's Indian diesel engine joint venture, Hindustan Powerplus Limited (HPL). The acquisition will include outstanding public shares, as well as those held by the company's joint venture partner, the C.K. Birla Group.
From its manufacturing operations near Bangalore, India, HPL is a leading manufacturer of diesel generator sets for the Indian market and an engine component exporter to other Caterpillar facilities, both in Asia and around the world. Under its joint venture agreement, HPL operations have been managed by Caterpillar since 1993.
"Expanding Caterpillar's ...