Egyptian electrical co acquires Pakistani transformers maker

According to sources, Elsewedy Electric, an Egyptian multinational electrical company has entered the Asian market with the acquisition of a Pakistani electric power transformers company.

In a statement to the Egyptian Stock Exchange (EGX), Elsewedy informed that it has acquired 100 percent of Validus Engineering PVT LTD, a company that manufactures electric power transformers in Pakistan, reported Daily News Egypt.

The multi-billion dollar company said that it plans to introduce its power inverters technology to boost the growth of the Pakistani company, in order to reach a production capacity of 5,500 MW.

Furthermore, the company has also acquired 95pc stake of PT CG Power Indonesia, which specialises in manufacturing electrical transformers in Indonesia.