Hitachi Buys Majority Stake in Hi-Rel Electronics
Hitachi, Ltd. and Hi-Rel Electronics Pvt. Ltd. announced closing of a transaction under which Hitachi has made a majority equity investment in Hi-Rel, in a move to strengthen Hitachi’s and Hi-Rel’s power electronics business in India. Hi-Rel will subsequently be renamed Hitachi Hi-Rel Power Electronics Pvt. Ltd. in October 2011.
Hitachi and Hi-Rel have also decided to construct a new manufacturing facility for medium-voltage inverters before the end of 2012 in the Sanand-II Gujarat Industrial Development Corporation (GIDC) Estate near Ahmedabad in Gujarat, in order to expand the product lineup and strengthen the local production system. These moves should drive expansion in the power electronics business in India, from which it is aimed to generate revenues of around 8 billion Indian Rupees (14 billion yen) in the fiscal year ending March 31, 2016.