Prolec GE International, S. DE R.L. DE C.V. (Prolec GE) announced the acquisition of a majority of stake of Indo Tech Transformers, LTD (Indo Tech) of Chennai, India, a company that specializes in power and distribution transformers, has been completed.
Indo Tech, a publicly traded company with $47 million (USD) revenues for fiscal year ending March 2009 will provide Prolec GE with a competitive manufacturing base and a skilled workforce in India, one of the world’s fastest growing economies. The agreement will also provide Prolec GE with a foundation for continued growth throughout the region, where the business already has a significant presence.
Indo Tech facilities are located in close proximity to two ports and an international airport, ideal for target export areas, expanding Prolec GE’s global growth opportunities.
“This transaction will allow Prolec GE to expand within India’s rapidly growing energy sector ,” said Jorge Lozano, President of Prolec GE, who also mentioned: “India remains an attractive growth region despite the global financial crisis. This speaks very well regarding the capability of India’s leadership to keep its economy healthy during turbulent times. This is certainly very encouraging, and we are confident we made the right decision investing in this country.”
“We continue to make investments to the benefit of our clients. The majority stake in Indo Tech Transformers, Ltd., by Prolec GE, is a response to the needs of the market. As we go forward, we will continue to grow and scale the business to meet market requirements,” said Kishore Jayaraman, CEO, GE Energy, India, Srilanka and Bangladesh.