Forest-Vill and Ganz company to modernize Kuwait’s substations
GTVF Export Development Ltd., owned by Forest-Vill and Ganz, has signed an agency agreement with the Kuwaiti IEPC Co., the goal of which is to upgrade obsolete electrical equipment.
Image credit: anz Transformers and Electric Rotating Machines Ltd.
Kuwait: GTVF Export Development Ltd., jointly owned by Forest-Vill Ltd. and Ganz Transformers and Electric Rotating Machines Ltd., has signed an agency agreement with Kuwaiti Industrial Electrical Projects Company (IEPC Co.) for an indefinite period. The goal of the expansion is to maintain, upgrade and replace obsolete electrical equipment, which includes servicing 50 substations installed since the 1970s. The partnership will provide an opportunity for Forest-Vill to supply Kuwaiti industry players with advanced electrical technology and advanced energy solutions, thus contributing to the development of the country’s electrical infrastructure.
Under the agreement, Forest-Vill will manage, coordinate, and finance the activities through the Kuwaiti IEPC Co. In accordance with Kuwaiti law, IEPC Co. will act as an exclusive local agent for the business of GTVF Export Development Ltd. to act as a partner in providing the necessary legal and business conditions for the Hungarian company. The conclusion of the agreement and Ganz’s return to Kuwait were viewed positively by the Kuwaiti partner, which helped to establish the cooperation.
Source: Ganz Transformers and Electric Rotating Machines Ltd.
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