NFM Technologies has taken forward its proposed strategic push into India by stepping up its planned co-operation with Barath Earth Movers Ltd (BEML) to give it exclusive rights to be the principal supplier of TBMs to the equipment manufacturer in the continental market and also south east Asia.
Late last month NFM signed a Memorandum of Agreement (MoA) with the manufacturer, which builds upon and takes forward their Memorandum of Understanding (MoU) agreed seven months ago.
There are no TBMs within BEML’s mining and construction division, which focuses on loaders, dumpers, sips and winches for underground activities. BEML is active with joint ventures throughout its portfolio.
NFM said that state-owned BEML was a major strategic partner with which it believes it can make significant progress into the growing infrastructure market in India, especially for underground works. BEML is controlled by the Ministry of Defence.
In a statement, NFM said: ‘At a time when infrastructure requirements are rapidly increasing, the MoA seals an exclusive partnership’.
