Cummins India sells genset rental business
Cummins India, makers of diesel and natural gas engines for the power generation, industrial and automotive markets, has entered into an agreement to sell its rental business to the Indian subsidiary of Aggreko Plc for Rs 29 crore plus applicable duties subject to shareholder approval.
Rupert Soames, chief executive of Aggreko, said: “We will be investing significant amounts in new rental fleet and facilities over the coming years and believe Aggreko has the potential to be a market leader in temporary power in India”.
Cummins India made its foray into the genset rental business in the year 2000 to provide rental services to its customers. The reported annual revenue for 2007 was Rs. 22 crore.
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