Wednesday, April 30, 2014: AEG Power Solutions, the power electronics systems and solutions company announced that it has sold its Indian subsidiary, AEG Power Solutions India PVT Ltd, to Toshiba Mitsubish-Electric Industrial Systems Corporation (TMEIC), based in Tokyo, Japan. Toshiba is currently making efforts to expand its activities in the Indian domestic market.
AEG’s Indian facility is mainly focused on solar inverters manufacturing for the Indian market. The 80,000 sq. ft. production site in Bangalore has a capacity to manufacture products generating 400 mw per year. The business sold involves both manufacturing and sales and represents annual revenues of €12.39 million and 85 employees.
This sale is part of AEG’s ongoing restructuring efforts and concentration on its core areas of competitive strength. “The AEG PS Group is continuing to concentrate its scope and efforts on its core businesses and markets. This is a significant milestone in the ongoing reorganisation process of AEG Power Solutions. We are delighted to have a partner that will continue to provide to our customers an equally high standard of capability and expertise as well as give a long and prosperous future for the highly talented Indian colleagues. TMEIC will offer our Indian facility the volume and depth to continue their growth and development”, said Jeffrey Casper, CRO and member of the Board of Directors. Under the agreement, TMEIC has acquired 100 per cent of the share capital of AEG Power Solutions India PVT Ltd.
