Japanese electrical and electronic equipment giant Mitsubishi Electric Corp. has acquired the Messung Group, Pune-based automation company, for an undisclosed amount. At present, Messung is Mitsubishi Electric's sales and distribution partner in India.
According to a statement from Mitsubishi, the acquisition will allow Mitsubishi Electric to accelerate its industrial automation systems business in India and strengthen local sales and solutions, aiming at sales of about Rs 1,000 crore (Japanese yen 15 billion) by the fiscal year ending March 2016.
Messung Group manufacturers programmable logic controllers (PLCs) and human machine interfaces (HMIs). Messung Group was advised by Ambit Corporate Finance.
The Messung Group, which has partnered Mitsubishi Electric for 15 years, will be merged with Mitsubishi Electric India Pvt. Ltd. Operations of the consolidated business will commence in April.
The industrial automation market in India is expected to grow by more than 10 per cent annually, driven by increasing demand in the automotive, textile, pharmaceutical, and food and beverage industries, added the statement.
