Indo Asean forays into power distribution

Indo Asean forays into power distribution


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.