Japan, Tokyo: Japanese company Meidensha Corporation (MEIDEN) has signed a contract with Prime Meiden Limited (PML) and its shareholders to purchase additional shares and acquire a controlling stake in PML, an Indian power transformer manufacturer.
MEIDEN invested in March 2014 in Prime Electric Limited, which became PML in May 2014, the corporation said in a statement.
MEIDEN has been promoting the overseas expansion of its products and projects in Southeast Asia through its production bases in Singapore for transformers and switchgear.
For further overseas expansion, the MEIDEN Group will integrate PML into the Group as a strategic production base for large capacity power transformers, both finished and semi-finished, as well as a procurement base for transformer materials and components.
Source: Meidensha Corporation