MAN Diesel & Turbo SE, a wholly owned subsidiary of MAN SE (part of Volkswagen AG) today said it has acquired 100 per cent shares of engineering firm MaxWatt Turbines Pvt Ltd.
MaxWatt Turbines Pvt Ltd is an Indian specialist company for engineering, production and service of steam turbines for applications in power generation and mechanical drives.
After the acquisition, MaxWatt will be integrated into the Turbo business of MDT and the new entity will operate under the name MAN Turbomachinery India Pvt Ltd, MAN Diesel & Turbo SE said in a statement.
"MaxWatt is a well-established player in the Indian and Asian power generation business in the lower power segment", said Uwe Lauber, CEO and Chief Sales Officer of MAN Diesel & Turbo SE.
"By acquiring them we expand our portfolio and add steam turbines for numerous standard applications to our existing high-end product range.
"At the same time we gain access to new customer groups and market segments...With MaxWatt there are close to zero overlaps in the product ranges, which is why it is an excellent match for us," Lauber said in the statement.
MaxWatt Managing Director C G Venkatesh, who will continue to lead the business, said: "MaxWatt customers all over the world will profit from an extended product range, a worldwide sales and service network and the know-how of a global player, all of which will be gained thanks to this merger."
Headquartered at Bangalore, MaxWatt employs more than 150 people in engineering, production, sales and service.
According to the statement, MaxWatt's range of products will be fully integrated into MAN Diesel & Turbo's portfolio after the merger.
Besides, MAN's workforce in India will increase to over 650.
The MaxWatt headquarters in Bangalore will be MAN Diesel & Turbo's first steam turbine production site in India.