Heavy engineering PSU Andrew Yule & Company has entered into a technical tie-up with Russian firm Togliatti Transformator for manufacturing high capacity transformers.
"We have entered into a technical tie-up with Togliatti for manufacturing high capacity transformers required by power utilities," chairman and managing director of Andrew Yule Kallol Datta said.
The company would set up a new manufacturing unit at Chennai for manufacturing these transformers involving a cost of Rs 150 crore, he told reporters here today.
Tamil Nadu government had offered the company 40 acres for setting up the unit and upon completion, the company would be in a position to enter the high capacity transformer segment, he said.
The transformer division of the company was generating a revenue of Rs 110 crore at moment. "In five years time, this will go up to Rs 500 crore", Datta said.
In future, Andrew Yule may set up a joint venture with the Russian firm, he said.
Regarding the tea division, he said the company was looking at acquisition of gardens.
