Indian access renters close to merger

22 August 2008

Rakesh Modi, a founder and owner of OnRent, based in Chennai, India.

Rakesh Modi, a founder and owner of OnRent, based in Chennai, India.

Recently formed Indian access rental company OnRent Pvt Ltd is close to a merger with the access rental division of Madras Tools and Tackles Ltd (mtandt). Both companies are based in Chennai in southern India.

OnRent started renting equipment in May with a US$1 million investment in 20 Haulotte platforms and 50 Zarges access towers, and Mtandt - which is a Haulotte dealer - already has a fleet or around 100 mainly Haulotte machines.

Rakesh Modi, who was formerly running mdandt's rental division and a founder and shareholder of OnRent, told Access International that the merger was almost complete and would see OnRent and mdandt take a 50/50 share of the combined rental business.

Mr Modi told Access International last year that the Indian access rental sector was seeing fast growing demand. He said OnRent wanted to investigate joint ventures with established access rental companies in Asia, the Middle East or Europe to accelerate the expansion of the business.

"The market is growing at speed - there is huge demand for equipment. If we had 200 machines they would be on rent", said Mr Modi.

The 20 machines so far acquired by OnRent include 15 and 18 m diesel scissors and 16 m and 21 m booms, as well as some electric booms and scissors. The company has a US$5 million investment plan that includes lighting towers, telehandlers, mast climbing platforms, further booms and scissors as well as up to 500 aluminium access towers.

"We now have no more than 200-300 platforms on rent in India - that's a 1 billion population country", said Mr Modi, "Singapore has over 5000 units."

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