Indian Manufacturer Plans New Plant

Indian manufacturer Action Construction Equipment plans to invest part of the net proceeds of its recent initial public offering to set up a plant to manufacture loaders, high-capacity tower cranes and other construction equipment, the company said last week.

The company also plans a joint venture with Italian manufacturer Tigieffe SRL to set up a corporate office and research-and-development center. ACE also said it would use some of the funds for acquisition and investment.