Gujarat Apollo Industries, which operates Ammann's India unit, is selling its 30 per cent stake in the joint venture for $26.57 million.

Switzerland headquartered mechanical engineering company Ammann Group Holding AG fully acquired the stake of its partner in a joint venture, said a report. Gujarat Apollo Industries, which operates Ammann's India unit, is selling its 30 per cent stake in the joint venture for $26.57 million.

Gujarat Apollo said it has voted to allow subsidiary Apollo Earthmovers Ltd to exercise its right under the joint venture agreement to sell its stake in Ammann India. The stake sale was announced last year. The joint venture was set up in 2012 after Ammann Group acquired a 70 per cent stake in the consolidated road construction equipment business of the Apollo Group.

Anil Patel, Founder and Lead promoter, Apollo Group, said at the time: “This is a highly compelling strategic partnership, bringing together two groups to realise substantial value for all stakeholders and enhance growth prospects.”