Japanese Electric major Fuji Electric today formed a joint venture with Faridabad-based Gemco Controls — a leading manufacturer of industrial automation and power control systems, as part of its plans to expand business operations in India.
The joint venture establishes a new entity in India Fuji Gemco Pvt Ltd in which Fuji Electric has 51 per cent stake. Fuji Electric invested approximately USD 200 million to expand outside Japan business from 2013 to 2015 and one of the investments is Fuji Gemco.
Through this 51:49 JV between Fuji and Gemco, Fuji Electric India is looking to set itself apart by offering systems solutions in sync with its “Innovating Energy Technology” philosophy.
Fuji Electric is estimating that the industrial power electronics market in India (which includes industrial infrastructure as well as power electronic devices) is set to grow at 9 per cent a year between 2016 and 2018, Sugai said adding this makes the company extremely optimistic about India.
In FY 2014-15, Fuji had overseas net sales of USD 2.17 billion and is expecting a 27 per cent increase to USD 2.81 billion by 2018.
At present, Fuji is focusing on smart grid system, energy management, factory automations and gas analyser business in India.
Established in 1980, Gemco is a manufacturer of power electronics, DC drives and automation system for various industrial application.
By Baishakhi Dutta
