Cargotec sells Indian engineering works to Finland's Citec in Pune
Cargotec Pune has transferred its Indian engineering centre in Pune, to fellow Finnish company Citec after the crane manufacturer entered into a agreement with the firm that has a staff of 530 and offices in Mumbai, Chennai and Bangalore, according to Shipping Gazette. As a result of the tie-up, Cargotec's team and office in Pune has become a fully integrated part of Citec operations, a statement said. The agreement came into effect on June 13. The transaction includes the transfer of Cargotec's engineering business and its 110 employees to Citec. The engineering centre is involved in projects for the global cargo handling industry. Citec said in a statement that the transaction "enables a fast growth in India, as well as strengthened engineering competence for the manufacturing industry". "Cargotec has sought after an engineering partner in India, and Citec's solid experience and track-record in working globally from India made the decision straightforward...