Caterpillar has announced its intention to acquire all outstanding shares in the company’s Indian diesel engine joint venture, Hindustan Powerplus Limited (HPL). The acquisition will include outstanding public shares, as well as those held by the company’s joint venture partner, the C.K. Birla Group.
From its manufacturing operations near Bangalore, India, HPL is a leading manufacturer of diesel generator sets for the Indian market and an engine component exporter to other Caterpillar facilities, both in Asia and around the world. Under its joint venture agreement, HPL operations have been managed by Caterpillar since 1993.
Over the past 12 years, Caterpillar has invested significantly in India. The company acquired the construction equipment and design assets of C.K. Birla in 2001 and formed Caterpillar India Private Limited (CIPL). Caterpillar’s Compact Power Systems Division (formerly Perkins Engine Company) has a licensee agreement in southern India. Caterpillar is also supported by two world-class dealers in India, GMMCO Ltd. and T I L Limited.
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