News Releases 2016Acquisition of a Majority Stake in an Indian Transformer Company
Meidensha Corporation (“MEIDEN”) has signed a
contract with Prime Meiden Limited (“PML”) and its shareholders to purchase
additional shares and acquire a controlling stake in PML, an affiliate company of
MEIDEN.
MEIDEN invested in March 2014 in Prime Electric Limited, an Indian power transformer
company, which became PML in May 2014. Since then, MEIDEN has been providing
assistance to PML by posting engineers at PML in enhancing its technical
capabilities and expanding its market reach in India and abroad.
In India and other emerging countries, investment
in power infrastructure is expected to grow to meet the ever increasing need of
electricity, providing a high growth potential for power transformers in a
medium to long term. In its transmission and
distribution (“T&D”) business, MEIDEN has been promoting the overseas
expansion of its products and projects in Southeast Asia through its production
bases in Singapore for transformers and switchgear, but for further expansion
into emerging countries, MEIDEN finds it necessary to increase its production
capacity and improve ability to meet price and delivery requirements.
To
promote further overseas expansion, the MEIDEN Group will integrate PML, now a
Meidensha’s subsidiary, into the Group as a strategic production base for large
capacity power transformers, both finished and semi-finished, as well as a procurement
base for transformer materials and components. With this new strategic base, the
MEIDEN Group will take further steps forward in its overseas expansion not only
in India’s power generation, T&D and railway markets, but also power equipment
markets in Southeast Asia and other emerging countries in the west of India.
About Prime Meiden Limited
Headquarters:
Gurgaon, Haryana
Number of
Employees: 445
Founded in:2008
Business: Manufacturing of power
transformers and EPC contracting of T&D projects
Contact
at Meidensha on this press release:
Overseas
Business Strategic Management Group
Meidensha
Corporation
Tel:
+81-3-6420-8244
