MUMBAI: Japanese electrical major Toshiba Corporation will buy electrical transformersand switch-gear maker Vijai Electricals for $200 m (Rs 1,280 crore), signaling the Japanese firms' continued interest in India.
Toshiba will form a new company which will absorb the acquired business, integrate its design and manufacturing technologies for T&D systems and will expand into other products in power electronics systems and railway power supply systems.
Toshiba will position the new company as a core production base for expanding its transmission and distribution business in India and the global market, along side its other bases in Japan, China, Brazil, Russia and Southeast Asia.
"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," said Takeshi Yokota, corporate vice president of Toshiba.
