Indo Tech Transformers Ltd Company Summary

Indo Tech Transformers Ltd Summary

Indo Tech Transformers Limited, the flagship of the Indo Tech Group is engaged in the business of manufacturing power and distribution transformers and various special application transformers, mobile sub-station transformers and sub-stations. The Company has manufacturing plant located at Palakkad in Kerala and Kancheepuram in Tamil Nadu. The Company is one of the prominent organized players in Indian Electrical Industry for Power & Distribution Transformers. The company manufactures Open Ventilated Dry Type Transformers in technical tie-up with E I Dupont. The company has a list of over 3900 satisfied customers which includes state electricity boards (SEBs), engineering, procurement and construction (EPC) contractors, and the corporate sector. They have also exported to USA, UK, Canada, Nigeria, Germany, Egypt, Singapore, Qatar, Abu Dhabi, Saudi Arabia, Sri Lanka, Japan, Switzerland etc. They are having their marketing offices in major cities in India and agents in various important cities world over.Indo Tech Transformers Ltd was incorporated in the year 1992 in the State of Tamil Nadu. In the year 1994, the company made a tie up with Allied Signals for transformers of Amorphous Metal Core Distribution Transformers. In the year 1995, they manufactured the Fail Safe Distribution Transformers and their in-house developed the RADAC SystemIn the year 1997, the company set up Thirumazhisai plant and started to manufacture power transformers and in the year 1998, they commenced manufacturing Mobile transformer. In the year 2001, they manufactured 230 KV class of transformers for Florida Power Corporation, USA through MobileSource Industries Inc. In the year 2005, Indo Tech Electric Company Ltd merged with the company.During the year 2006-07, the company relocated and modernized their Saidapet plant into a new Distribution Transformer Plant of 750 MVA per annum at Thirumazhisai and also set up a Dry Type Transformer Plant at Thirumazhisai.In February 2008, the large power transformer plant at Kancheepuram with an installed capacity of 4000 MVA commenced their production. The company is in the process of locating suitable partners for technical know-how to manufacture large Power transformers at their Kancheepuram Plant and also in the process of locating a foreign collaborator for collaboration to manufacture 400 KV Power Transformers.In October 2008, the company commissioned a Transformer Tank manufacturing facility at its Kancheepuram Plant at a total cost of Rs 35 million. They also received an export order for 80 and 90MVA - 275KV Power Transformers. The entire equity stake of the Existing Promoters amounting to Rs. 57,71,625 equity shares (54.35% of the Paid Up Equity Share Capital) was acquired by Prolec-GE Internacional, S. De R.L. De C.V. (a Joint Venture between General Electric Company, USA and Xignux, Mexico). In fact, Prolec-GE Internacional, S. De R.L. De C.V. also acquired a 20% equity stake from the market in an Open Offer pursuant to SEBI (Securities & Exchange Board of India) Regulations. Hence, the total holding of Prolec-GE in the equity capital of the Company stood at Rs 78,95,625 (74.35%) equity shares. Resultant, the Prolec-GE management took over the operations of the Company effective from 18th May, 2009.Prolec GE Internacional, S.De. R.L. De C.V entered into a Share Purchase Agreement (the SPA) with Shirdi Sai Electricals Limited on December 20, 2019 for sale/ transfer of 73,66,302 equity shares (constituting 69.36% of the total equity share capital) of the Company. As a consequence to this SPA, Shirdi Sai Electricals Limited acquired 4,54,873 equity shares (constituting 4.28% of the total equity share capital) of the Company under the Open Offer in compliance with the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations. On September 03, 2020, the transfer of 73,66,032 equity shares (constituting 69.36% of the total equity share capital) from Prolec GE Internacional, S. De. R.L. De C.V to Shirdi Sai Electricals Limited was completed. Effective September 03,2020, Shirdi Sai Electricals Limited became the Promoter by controlling the majority shareholding of 78,20,905 equity shares (constituting 73.64% of the total equity share capital) of the Company.