Friday, April 19, 2024

Egypt’s Elsewedy Electric Enters the Asian Market

With the acquisition of a Pakistani electric power transformers firm, Elsewedy Electric, an Egyptian multinational electrical company, has entered the Asian market.

Elsewedy announced to the Egyptian Stock Exchange (EGX) that it has purchased 100% of Validus Engineering PVT LTD, a Pakistani firm that manufactures electric power transformers, according to Daily News Egypt.

The multibillion-dollar company stated that it intends to use its power inverters technology to help the Pakistani firm expand to a production capacity of 5,500 megawatts.

In addition, the company has acquired a 95 percent stake in PT CG Power Indonesia, a company that specializes in the production of electrical transformers in Indonesia. Elsewedy believes that the recent acquisitions will bring the total number of transformer plants in its portfolio to six, as well as provide an opportunity to expand into Southeast Asia and Australia.

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