New Delhi, Sept. 26
INDO Asian Fusegear Ltd has signed a joint venture with Nordex Lighting of Italy in which the former would own 60 per cent of the equity. The new entity, Indo Nordex, would deal in specialised the outdoor lighting equipment category.
Indo Nordex would introduce a range of products including weather and dust-proof lighting fittings, specifically for industrial uses. It will shortly set up a manufacturing facility at Uttaranchal for outdoor lighting fittings for the domestic and overseas markets.
"Our decision to enter the outdoor lighting fitting segment was driven by two factors. First, Indo Asian is among the top three players in the domestic CFL market today and entering this category would perfectly complement our lighting solutions business. Second, Indo Asian is going to derive immense benefits as this category offers huge growth opportunities," said, Mr VP Mahendru, Chairman and Managing Director, Indo Asian Fusegear Ltd.
The new plant is being set up in the tax free zone of Uttaranchal at Haridwar. The plant's machinery and equipment will be imported from Italy. It will have a capacity of 1,000 luminaries per day. These lighting fittings are most suitable for lighting poles on highways, street lighting and rural areas throughout the country.
The joint venture will leverage the marketing and distribution networks of both the companies in India, Middle East, Europe, South Africa and Indonesia for marketing its products.
Founded in 1958, Indo Asian manufactures electrical control and protection equipments. It exports its products to countries like Malaysia, New Zealand, Australia, and Russia among others.
Established in 1973, Nordex Lighting provides lighting solutions with operations in 77 countries including Europe, the Middle East and Indonesia.