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MAN Diesel & Turbo SE, a wholly owned subsidiary of MAN SE (part of Volkswagen AG), has acquired 100 per cent equity stake in MaxWatt Turbines, an Indian specialist company for engineering, production and servicing of steam turbines for application in power generation and mechanical drives.
After the acquisition, MaxWatt will be integrated into the turbo business of MDT and the new entity will operate under the name MAN Turbomachinery India.
“MaxWatt is an established player in the Indian and Asian power generation business in the lower power segment,” said Dr Uwe Lauber, CEO and Chief Sales Officer of MAN Diesel & Turbo SE.
He further added: “By acquiring them, we expand our portfolio and add steam turbines for numerous standard applications to our existing high-end product range. At the same time, we gain access to new customer groups and market segments. MAN Diesel & Turbo has always chased M&A projects, if they satisfy a sound strategic rationale. With MaxWatt, there are close to zero overlaps in the product ranges, which is why it is an excellent match for us.”
MaxWatt Managing Director C G Venkatesh, who will continue to lead the business, has welcomed the acquisition. “MAN Diesel & Turbo is a global brand in the power generation business. MaxWatt customers will profit from an extended product range, a worldwide sales and service network and the know-how of a global player, all of which will be gained thanks to this merger.”
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