Elsewedy Electric, the Egyptian electrical giant has taken over the Pakistani transformer manufacturer Validus Engineering (Pvt) LTD. This was revealed in a statement released to the Egyptian Stock Exchange (EGX). Elsewedy has informed that it has acquired 100 percent of Validus Engineering (Pvt) LTD, a company that manufactures electric power transformers in Pakistan.
Minister of State and Board of Investment (BOI) Chairman, Atif Bokhari in a tweet said “The Egyptian Company recently acquired 100% equity stake in Validus Engineering Pakistan and has plans to boost production capacity to not only meet domestic demand but also support regional export.”
Elsewedy Electric envisions introducing its power inverters technology in Pakistan which will ultimately help the Pakistani company to reach a production capacity of 5500 MW or above. Earlier this year, Elsewedy Electric had expressed its intention to invest heavily in Pakistan. This was shared by President, CEO of Elsewedy Electric, Ahmed Elsewedy during his meeting with Foreign Minister Shah Mahmood Qureshi in Cairo and showed the company’s interest of investment in Pakistan.
Elsewedy Electric is a global provider of energy, digital and infrastructure solutions with a reported turnover of 46.4B EGP (2.9 Billion US $) in 2020. The company has been listed on the Cairo stock exchange since 2006 and has a global presence in 5 continents in the worlds.