Controls & Switchgear raises Rs.1 bnJuly 16th, 2008 - 8:38 pm ICT by IANS
New Delhi, July 16 (IANS) Power management products manufacturer Controls & Switchgear Co Ltd (C&S) has secured Rs.1 billion ($23.8 million) in investment from GE Commercial Finance India, the private equity arm of US-based General Electric (GE). The company plans to utilise the fund for its capacity expansion and research and development (R&D) activities, a top official said here Tuesday.
“The additional inflow will help us upgrade our technologies and facilities to compete with leading multinational companies,” C&S group chairman R.N. Khanna said.
The Rs.7.5 billion C&S has a product line-up that includes voltage switchgears, engineered power busbars and protection system for the power construction and infrastructure sector.
Vicky Bindra, president and chief executive of GE Commercial Finance India, said GE was committed to financing India’s Infrastructure development.
“C&S offers a range of technologically advanced products that will play an integral part in meeting India’s increasing demand for power,” he said.
GE Commercial Finance, headquartered in Norwalk, US, has investment interests in the healthcare, manufacturing, fleet management, communications, construction, energy, aviation, infrastructure and equipment sectors in 35 countries.