Fuji Electric Forms Joint Venture with Gemco to Expand in Indian Markets
The JV establishes a new company in India – “Fuji Gemco Pvt.Ltd” with Fuji electric having a 51 per cent stake
New Delhi: Japanese electric and thermal energy major, Fuji Electric announced it’s Joint Venture (JV) with Faridabad based GemcoControls Ltd at a press event held today in New Delhi. The JV establishes a new company in India – “Fuji Gemco Pvt.Ltd” with Fuji electric having a 51 per cent stake said the company press release.
The JV aims to expand its business operations in India by offering system solutions in sync with its “Innovating Energy Technology” philosophy the statement added.
“Fuji Electric is estimating that the industrial power electronics market in India is set to grow at 9 per cent a year between 2016 and 2018. We intend to evolve our operations so as to become a solution provider and manufacturer,” said Kenzo Sugai, Executive Vice President Fuji Electric about the JV.
“Fuji Gemco aims to boost sales by providing cost effective solutions, leverage Human Resources to drive growth and technology,” said Shoumitra Chatterjee, Chief Executive Officer, Fuji India.
Fuji Gemco currently has three Projects in India –