Japan-based capital goods manufacturer Meidensha Corporation has signed a joint venture agreement with India’s power equipment manufacturer Prime Electric Ltd, acquiring a minority 23 per cent stake in the latter.
The financial details of the transaction, which completed on March 31, 2014, however, are not disclosed.
With manufacturing facilities in Andhra Pradesh, Hyderabad-based Prime Electric is part of diversified business Prime Group of Companies and is one of the leading manufacturers in the area of large capacity power transformers.
It is into electrical sub‐station EPC projects and has a broad customer base in India and is looking to expand its operations to reach markets in Africa, the Middle East and the CIS countries.
Founded in 1897, Meidensha Corp manufactures and sells capital goods including generators, substation equipment, electronic equipment, and information equipment in Japan and globally. The company has a workforce of 8,500 people.
Khaitan & Co advised Meidensha on the transaction.
(Edited by Joby Puthuparampil Johnson)
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