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Hitachi acquires major share in Gujarat company |
Hitachi acquires major share in Gujarat company
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| 2011-11-10 18:07:35 | |
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Gujarat Global News Network, Ahmedabad Japanese electronic major Hitachi has acquired major share in Gujarat based Hi-Rel Electronics to play a greater role in the field of power electronics in India. With this the two companies announced floating of 60:40 joint venture company Hitachi Hi Rel Power Electronics Pvt Ltd at a media conference in Ahmedabad. The plans of the new venture were rolled out at the media conference. The company has plot of 28,500 square meters (sqmt) in Sanand GIDC (phase-2), where it intends start production of power equipment such as medium-voltage inverter systems by 2012. The company is likely to generate revenues to the tune of Rs 800 crore by the fiscal year 2016. Piyush Shah who owned Hi-Rel Electronics said that the new venture will help capture 15 to 20 percent pf the market share of power electronics business in India. Hitachi is also planning to bring its “Smart City” solution to India after putting it in action in China and Singapore. Smart city focuses on effective use of renewable energy. For news in Hindi see our Hindi daily Chaupal Chronicle |
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