Konecranes has acquired 100% of the shares of Indian crane company WMI Cranes Ltd.

The Finnish company announced in February that it was acquiring 51% of WMI. Konecranes has now bought the remaining shares. The value of the entire acquisition is about EUR57 million (USD82.0 million) and includes a EUR2 million (USD2.9 million) investment in WMI's equity.

The acquisition is expected to strengthen Konecranes' position in the growing Indian crane market.

Company spokeswoman Ann-Cathrine Sandås told Forkliftaction.com News in February that while the two companies remain independent with their own organisations, the long-term goal was to have a single Konecranes organisation in India.

Established in 1958, WMI is one of India's leading process and heavy-duty crane manufacturers. It employs about 350 people and has an additional contracted workforce of about 600 people.

Konecranes vice president of marketing and communications Mikael Wegmüller says there are currently no plans to manufacture container-handling cranes under the WMI brand in India.