By IANS
New Delhi : India’s leading power equipment exporter Controls and Switchgear Group (C&S) and Portugal-based multinational company EFACE Group will jointly manufacture medium voltage switchgear in India.
The two companies have set up a joint venture (JV) to manage this business.
“C&S and EFACE are pleased to announce the formation of a JV,” R.N. Khanna, chairman of C&S Group told reporters here Thursday.
“The JV will set up its manufacturing facility at Noida, Uttar Pradesh with an initial investment of Rs.350 million ($8.9 million),” said Khanna.
“The JV will meet the domestic demand of switchgear and also export,” Khanna said.
EFACE Group seemed bullish on the Indian switchgear market, which according to statistics grows at 25 percent a year.
EFACE Chief Executive Luis Filipe Pereira, who was also present at the news conference said: “We have high expectations from the Indian market.”
Indicating that the companies would expand their cooperation in the future, Khanna said: “We have great plans together.”
C&S is specialized in products and solutions for power management. Its wide range of electrical and electronic products is used in generation and distribution of electricity.
The company has 15 manufacturing units located in places like Haridwar, Pantnagar and Noida.
“The turnover of C&S is expected to be around Rs.7 billion ($178 billion) in 2007-08,” Khanna added.