Japanese capital goods maker Meidensha Corporation has increased its shareholding in Indian power equipment maker Prime Meiden Ltd to 100% from 23%, as per a press release.
Financial terms of the transaction have not been disclosed.
The Japanese firm had agreed to acquire a 23% stake in Prime Meiden, earlier known as Prime Electric Ltd, in March 2014.
Hyderabad-based Prime Meiden was earlier part of the Prime Group. It has factories in Andhra Pradesh to make large-capacity power transformers.
The company has a broad customer base in India and is looking to expand its operations in Africa, the Middle East and in countries that are part of the Commonwealth of Independent States group.
An emailed query seeking to know the deal value and other details did not elicit any response by the time of filing this article.
Founded in 1897, Meidensha Corp makes capital goods including generators, substation equipment, electronic equipment and information equipment. The company has 8,500 employees.
Khaitan & Co advised Meidensha on the transaction.
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