Chennai, June 11 (IANS) The Coimbatore-based Rs.114 crore drilling equipment major Revathi Equipment Ltd ventured into concreting business in a major way Friday with a Rs.30 crore plant and is targeting a 20 percent market share, a top company official said.

'We have the entire range of batching plants, concrete boom pumps and transit mixers. We are confident of garnering 20 percent market share in five years time,' the firm's managing director and CEO K.Sunil Kumar told reporters here.

According to the company, it has signed technology agreements with three German companies -- Wiggert for batching plants, Intermix for transit mixers and Waitzinger for concrete pumps.

While the drilling equipment business logs a steady five percent annual growth, Revathi Equipment decided to enter the new business to have higher growth rate, he said.

The new plant, that went on stream Friday at Gummidipoondi near here, has a capacity to make 1,500 transit mixers, 300 concrete pumps and 150 batching plants.

Revathi Equipment will be competing against Greaves Cotton and Schwing Stetter in this segment.