Indo Asean forays into power distribution

Indo Asean forays into power distribution
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First Published: Tue, Sep 18 2007. 01 38 PM IST
Updated: Tue, Sep 18 2007. 01 38 PM IST
Reuters
Mumbai: Indo Asian Fusegear Ltd said on Tuesday, 18 September, it is foraying into power distribution and will set up a company with an investment of Rs250 million (Rs25 crore, $6 million).
It was in dialogue with state electricity boards, corporations and utilities to take up distribution network on franchise basis, it said in a statement.
“Our foray into a power distribution business is a logical extension of our electrical equipment business,” chairman and managing director, V P Mahendru, said in a statement.
The company will initially work on projects in north India and profits will be shared with the state distribution firms, it said.
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First Published: Tue, Sep 18 2007. 01 38 PM IST