Cairo – Mubasher: Elsewedy Electric Co. has entered the Asian market with two acquisitions worth $60 million in the transformers sector in Indonesia and Pakistan.
The integrated energy solution provider completed the acquisition of 95% of PT CG Power Indonesia, a company that manufactures electric transformers in Indonesia with a capacity of 10,000 megawatts (MW) and provides maintenance services over the life of the transformers as well as the establishment of transformer substations, according to a bourse disclosure on Sunday.
The company also acquired 100% of Validus Engineering PVT Ltd, a manufacturer of power transformers in Pakistan.
“Elsewedy Electric plans to introduce its technology for power inverters to boost the company’s growth, with a production capacity of 5,500 MVA.”
These additions will increase Elsewedy Electric’s business portfolio of transformer factories to six and will more than double the annual production capacity to 30,000 MVA.
This step will enable the company to penetrate the Southeast Asian and Australian markets.
In 2020, Elsewedy Electric logged net profits of EGP 3.02 billion, down from EGP 4.02 billion in 2019.