The Telegraph reported that TRF Limited an associate firm of TATA Steel has bought a 51% stake in a Sri Lankan trailer manufacturer for INR 42 crore.
Dutch Lanka Trailer Manufacturers Limited has operations in Sri Lanka and India. DLT, which has a JV with TATA International in India produces 3,000 trailers each in Sri Lanka and Pune.
Mr Sudhir Deoras MD of TRF said the stake buy is aimed at diversifying the product portfolio of the Indian company, which makes equipment for bulk handling by steel, power and mining firms. DLT sells trailers in 30 countries. It has a subsidiary in Oman for selling in the West Asian markets. We see a huge opportunity for the trailer business in India, despite the downturn. The market could be of 100,000 trailers a year by 2014-15."
Mr RC Nandrajog executive director of TRF said “The trailer business is expected to pump up TRF's turnover to INR 2,500 crore by 2013 from INR 723 crore last fiscal. However, the existing portfolio is also expected to do well. The company is now bidding for providing equipment to big power plants. Around 70% of our turnover will continue to be from bulk material handling when we reach INR 2,500 crore."