Terex Vectra Equipment invests $12 m in Indian

New Delhi: Terex Vectra Equipment yesterday announced the launch of its Indian operations and said that it has made an initial investment of $12 million (around Rs 53.4 crore) for this.

Terex Vectra Equipment, a 50:50 joint venture between US-based Terex Corporation and Vectra of the UK has set up a facility in Greater Noida near Delhi to make a range of construction equipment, Ronald M. DeFeo, chairman and ceo of Terex Corporation said at a press conference.

"We are targeting to have a 10 per cent market share in the first two years of operations in India. The Indian market holds tremendous potential with a fast growing economy and increased infrastructure development. In fact, we have pinpointed India along with China and Russia as countries which hold the biggest growth opportunities," he said.

To begin with the company would make vibratory loaders and skid steer while two more products - vibratory compactors and midi excavators - will be available by the year-end. The backhoe loader market is estimated at 5,000 units annually.