Japanese firm Toshiba Corp announced today that it would acquire a majority stake in Vijai Electricals. The move was to boost its production base in India and was valued around USD200 million. The Japanese company also said that the acquisition for the Hyderabad based Vijai Electricals would be completed by November of this year.
In a statement Toshiba said, "Toshiba Corporation and Vijai Electricals Ltd today announced that they have agreed to Toshiba's acquisition of the major part of Vijai's electricity transmission and distribution (T&D) business for approximately USD200 million."
Toshiba planned to create a new firm that would absorb the acquired business and integrate the company's design and manufacturing technologies, the statement said.
The new firm would also enter the growing markets in India including the power electronics systems and railway power supply systems.
Takeshi Yokota, Corporate Vice President of Toshiba said, "The acquisition is necessary for our global T&D strategy, and Vijai's products and sales channel provide us with an ideal fit for our T&D business in India and beyond."
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