New Delhi, Feb. 17 -- KYB Corp., a Japanese behemoth in concrete equipment, has exited its 51% stake in the joint venture with Premraj Keshyep-led Conmat Group, the companies said in a statement on Monday.

The joint entity KYB Conmat Pvt. Ltd is a major market player in India and one of the top three manufacturers of concrete construction equipment, such as batching plants, paving machines, transit mixers, concrete pumps, and self-loading mixers.

It competes against other home-grown entities, such as Kedaara-backed Ajax Engineering, which went public on Monday, and Chinese-owned Schwing Stetter & Sany Heavy Industries.

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While the companies did no...