Elektro Anlagen Pvt Ltd has gone into a joint venture with US based Kasa Companies Inc. The US based firm joins Elektro Anlagen Pvt as a financial partner. Under the terms of the investment, Elektro Anlagen will be renamed Kasa Anlagen and will offer industrial electricals and automation solutions to various sectors.
The deal will also see Kasa Companies hold 30 per cent stake in the JV and will have the option to increase its stake to 50 per cent over a period of time. The balance will be held by the promoters led by Sundarram Balaji, who is the Managing Director of Elektro Anlagen. The conversion into a joint venture would help Elektro Anlagen expand its global footprint and offer new solutions.
Worbus International Ltd has facilitated the joint venture. The new joint venture will have three directors from Elektro Anlagen, two from KASA and one from Worbus. Elektro Anlagen was incorporated in 1991 and is engaged in providing industrial electricals and automation solutions. It also manufactures power and control panels, and solutions in application study, design and development, software development, commissioning, training and after-sales service.
Its manufacturing plant at Tirumudivakkam has a capacity to make 1,800 panel verticals a year. The company has recently set up another manufacturing unit at Bhilai in Chhattisgarh.
Kasa Companies is comprised of three companies – Kasa Fab that provides metal fabrication and component manufacturing to regional manufacturers, Kasa Industrial Controls that provides automation services to manufacturing companies, the grain handling industry, food and beverage industry, and water/wastewater projects and KSolutions which offers project management and system integration services.
Some of its clients are General Motors, Sara Lee, Ford, Caterpillar, Nissan, Philips Lighting, among others.
Under the agreement, the new joint venture will have three directors from Elektro Anlagen, two from KASA and one from Worbus. According to George Molakal, International Director of Worbus International LLC, the board representation is mainly to hand-hold the two partners for a smooth running of the organization. Worbus will be on board of the joint venture at least for five years.
The conversion into a joint venture will help the company expand its global footprint and offer new solutions. The joint venture would emerge as a total solutions provider for electric and electronic needs of companies across the canvas, said Kasa.
KASA would pick up stake in the joint venture through its fully-owned Indian subsidiary.
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