Diamond Power Infrastructure Ltd, one of the power equipment manufacturers of the country, has entered into a memorandum of understanding (MoU) with Utkal Galvanizers Ltd and its promoters Mohanty family to acquire a strategic stake in the company.
Diamond Power develops a wide range of equipment such as cables, conductors and transformers. The company has recently set up a facility in Vadodara which is capable of manufacturing 48,000 MT transmission towers.
“With the strategic stake in Utkal, Diamond Power’s foray into transmission and extra high voltage segment will get a boost,” said Suresh Bhatnagar, chairman of Diamond Power.
Utkal was established in 1979 by K. K. Mohanty, a technocrat associated with the lighting sector. It had enhanced its operations since and backed by German technology, the company’s conical pole plant was installed in 1999. Utkal manufactures products like circular and polygonal conical poles and ensures power transmission up to 400 KV.
“We view Diamond Power as our strategic partner who understands our business. We are planning to leverage our expertise and credentials to achieve potential growth in five years, with the help of Diamond Power,” said Mohanty, founder and managing director of Utkal Galvanizers Ltd.