India, Hyderabad: Japan-based Meidensha Corporation and India’s power equipment manufacturer Prime Electric Ltd have signed a joint venture agreement with Meidensha acquiring 23 % stake.
The financial details of the transaction remained undisclosed, reports VCCircle. Prime Electric is one of the leading manufacturers in the area of large capacity power transformers with manufacturing facilities in Andhra Pradesh.
The company is looking to expand its operations to reach markets in Africa, the Middle East and the CIS countries.
Meidensha Corp. was founded in 1897 and manufactures and sells substation equipment and generators amongst other equipment.