Germany’s MAN Diesel & Turbo has bought MaxWatt Turbines, an Indian company specialising in the engineering, production and service of steam turbines for power generation and mechanical drives.
The deal will give MAN Diesel & Turbo its first steam turbine production site in India.
Following the acquisition, MaxWatt – which was established in 2003, is headquartered in Bangalore and employs more than 150 people – will be integrated into the turbo business of MAN Diesel & Turbo and the new entity will operate under the name MAN Turbomachinery India.
Dr Uwe Lauber, chief executive of MAN Diesel & Turbo, said that MaxWatt was “a well-established player in the Indian and Asian power generation business in the lower power segment”.
“By acquiring them we expand our portfolio and add steam turbines for numerous standard applications to our existing high end product range,” he added.
“At the same time, we gain access to new customer groups and market segments.”
Lauber said that 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, also welcomed the acquisition: “MAN Diesel & Turbo is a global premium brand and leading company in the power generation business. MaxWatt customers all over the world 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.”
“India is a large country with huge growth potential and it is on a good path”, says
Emmanuel Ferdinand, managing director of MAN Diesel’s Indian business, said that the deal comes as the Indian government “has set course to trigger growth and further update the country’s infrastructure”.
“The ‘Make In India’ campaign, the availability of skilled manpower and a strong judicial system provide a good platform to expand our local footprint. Our new Bangalore base will also help us to broaden the scope of our turbomachinery business, not only in India, but also in South-East-Asia.”