Elsewedy Electric, an Egyptian multinational electrical company has entered the Asian market with the acquisition of a Pakistani electric power transformers company.

In a statement to the Egyptian Stock Exchange (EGX), Elsewedy informed that it has acquired 100 percent of Validus Engineering PVT LTD, a company that manufactures electric power transformers in Pakistan, reported Daily News Egypt.

The multi-billion dollar company said that it plans to introduce its power inverters technology to boost the growth of the Pakistani company, in order to reach a production capacity of 5,500 MW.

Furthermore, the company has also acquired 95pc stake of PT CG Power Indonesia, which specialises in manufacturing electrical transformers in Indonesia. Elsewedy was of the view that the recent acquisitions will raises the total of its transformer plants to six factories and also provides an opportunity to penetrate the Southeast Asia and Australia markets.

Back in February, Elsewedy Electric expressed its intention to invest 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.

The Foreign Minister told Ahmed Elsewedy that Pakistan is an emerging market and business companies from around the world are showing interest in investment in Pakistan due to prudent economic policies of the government.