Hitachi acquires Hi-Rel Power
Hitachi has made a majority equity investment in Hi-Rel in a move to strengthen the latter`s electronics business in India, a company statement said here on Wednesday.
The company aims to generate revenues to the tune of Rs 800 crore in the next five years by expanding its power electronics business offerings in South East Asia through this strategic equity stake, a HRPE official said.
HRPE, to be renamed Hitachi Hi-Rel Power Electronics Pvt Ltd, will set up a manufacturing facility for medium voltage inverters in Sanand near here by 2012 in order to expand its product line up. "We shall soon be setting up a large manufacturing facility in Sanand," HRPE Managing Director Piyush Shah said.
The developments are expected to lead to expansion in the market for power electronic products such as medium voltage inverter systems, uninterrupted power supplies (UPS) and power conditioners for solar and wind power generation, a company official said
Hitachi has identified India as the fifth key management area for further business expansion.