Toshiba’s sales from India to increase following acquisition of Vijai Electricals Ltd
India, New Delhi: Following the acquisition of Vijai Electricals Ltd, Japanese Toshiba said it is expecting an increase in sales to Rs 18,000 crore (approx. $ 3 billion) from India by 2017, pushed by the power and infrastructure segments.
Last month, Toshiba acquired Vijai Electricals Ltd’s power transmission and distribution businesses with assets including power transformers, distribution transformers and switchgear businesses.
According to The Economic Times, Toshiba will also invest over Rs 3,000 crore (approx. $ 484 million) in India over the next five years revealing a plan to expand its social infrastructure business with India in its centre.
Toshiba Corporation President Hisao Tanaka said that India is important for Toshiba, not only as a market, but also as a strategic export and development base with highly talented people. He added that Toshiba will position India as a strategic world business hub in its thermal power, and energy transmission and distribution equipment.
Source: The Economic Times