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GE looks at acquiring Indo Tech company

General Electric India may acquire Chennai-based Indo Tech Transformers to strengthen its manufacturing presence in the power sector, according to industry sources.

Indo Tech Transformers, part of the Rs240 crore Indo Tech group, a player in the supply of distribution and power transformers to state electricity boards, is now said to be targeting the export and industrial market.

Almost 60% of Indo Tech’s order book comprises industrial clients and exports, a deliberate attempt by the company to beat the ongoing slowdown in orders coming from the SEBs.

In the first half of this year, the company clocked a 43% rise in net profit at Rs24.63 crore against Rs17.14 crore last year.

The company has four manufacturing facilities in south India.

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June 2020
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