Diversified PSU Andrew Yule & Company is in talks to buy a high-capacity transformer manufacturing company near Chennai , an official said.
"We are having talks with an existing transformer manufacturing company located near Chennai. It is a very big plant", Chairman of Andrew Yule Kallol Datta told reporters after the company's AGM here today.
However, he did not disclose the name of the company.
Andrew Yule & Company is also planning to put a new plant to manufacture high capacity transformers with Russian technology for which it had got 10 acres of land near Chennai with a proposed investment of Rs 150 crore.
"If we succeed in taking over the plant, then plans for setting up the new one will be shelved," Datta said, adding that the acquisition cost would be well within Rs 150 crore.
Datta said that both electrical and engineering businesses would boost future growth of the company.
"There is uncertainty in the tea business and the growth possibility is limited. The company is expecting growth from electrical and engineering", he said.
