Meidensha Corporation (“MEIDEN”) has signed acontract with Prime Meiden Limited (“PML”) and its shareholders to purchaseadditional shares and acquire a controlling stake in PML, an affiliate company ofMEIDEN.
MEIDEN invested in March 2014 in Prime Electric Limited, an Indian power transformercompany, which became PML in May 2014. Since then, MEIDEN has been providingassistance to PML by posting engineers at PML in enhancing its technicalcapabilities and expanding its market reach in India and abroad.
In India and other emerging countries, investmentin power infrastructure is expected to grow to meet the ever increasing need ofelectricity, providing a high growth potential for power transformers in amedium to long term. In its transmission anddistribution (“T&D”) business, MEIDEN has been promoting the overseasexpansion of its products and projects in Southeast Asia through its productionbases in Singapore for transformers and switchgear, but for further expansioninto emerging countries, MEIDEN finds it necessary to increase its productioncapacity and improve ability to meet price and delivery requirements.
Topromote further overseas expansion, the MEIDEN Group will integrate PML, now aMeidensha’s subsidiary, into the Group as a strategic production base for largecapacity power transformers, both finished and semi-finished, as well as a procurementbase for transformer materials and components. With this new strategic base, theMEIDEN Group will take further steps forward in its overseas expansion not onlyin India’s power generation, T&D and railway markets, but also power equipmentmarkets in Southeast Asia and other emerging countries in the west of India.
About Prime Meiden Limited
Headquarters:Gurgaon, Haryana
Number ofEmployees: 445
Founded in:2008
Business: Manufacturing of powertransformers and EPC contracting of T&D projects
Contactat Meidensha on this press release:
OverseasBusiness Strategic Management Group
MeidenshaCorporation
Tel:+81-3-6420-8244
