GEAR (‘Gemini Equipment And Rentals Private Limited’) was incorporated in February 2007 with the business objective of becoming India’s largest and best run equipment rental company.
Stage 1 of the company’s evolution was focused on the ‘construction equipment‘ rental vertical and within a very short span of 3.5 years, GEAR emerged as India’s largest pure play general construction equipment rental company and today counts all the large Indian construction companies as its repeat clients.
Stage 2 of its evolution required GEAR to look at other verticals to continue its fast growth and in April 2011, GEAR decided to venture into the rental of forklifts and other Material Handling Equipment (‘MHE’). Within a very short time, GEAR built up a strong team and has got an enviable traction with blue chip clients such as PepsiCo, Coca Cola, Nestle, HUL, Hindalco, and Alok Industries. GEAR’s MHE Division is poised for aggressive growth going forward and is expected to be as big as the construction equipment division by 2014.
In parallel, GEAR launched in May 2011, its equipment distribution platform branded ‘EQUIPWELL’ under BC Equipment Trading Private Limited to take advantage of the synergy presented by its investments in equipment rental operations. Both GEAR and EQUIPWELL have common sponsors, senior management and share platform costs.
To address the skills gap facing the equipment rental industry in general and the growing shortage for skilled operators faced by its rental business in particular, GEAR launched, in May 2012, the National Institute for Operator Training (‘NIFOT’). NIFOT’s mandate is to provide operating, maintenance and safety training, certification and accreditation to operators and it will cater to the needs of GEAR and other third parties.
GEAR currently has an equipment bank of over 470 units which it expects to grow to over a 1,000 units by 2014. GEAR is headquartered in Mumbai has regional offices in Ahmedabad, Bangalore, Bhubaneshwar, Bhopal, Delhi, Hyderabad and Mumbai with major site offices in Jammu & Chennai.
Berggruen Holdings owns majority stake in GEAR.