Palfinger enters India; To source components from India

Venkatachari Jagannathan
30 October 2007

Chennai: With internationalisation and diversification as its growth strategies the Austrian hydraulic lifting, loading and handling systems manufacturer, the €585.2 million turnover Palfinger AG has set base in India.

Joining hands with $400 million Western Auto LLC, Dubai, the vehicle dealership arm of ETA Star group, Palfinger has promoted a joint venture company in India called Star Palfinger Equipments India Pvt Ltd to import, sell and service knuckle boom and hook loaders in India.

Palfinger holds 26 per cent and Western Auto holds 74 per cent stakes in the JV. The two have invested around €1.2 million in this venture.

Headquartered in Chennai, Star Palfinger would import the knuckle boom cranes and hook loaders from Palfinger, Austria.

"Globally Palfinger commands 30 per cent market share in the articulated crane segment," A J Kamal, director, Western Auto told the media here on Tuesday.

Wolfgang Pilz, chief marketing officer, Palfinger group said, the current market volumes does not warrant a plant in India.