NEW DELHI: Japanese heating, ventilation, and air conditioning (HVAC) major Shinryo Corporation Wednesday announced the acquisition of Suvidha Engineers India Pvt Ltd for an undisclosed sum.
The deal has been concluded and signed recently. Suvidha officially became part of Shinryo Group, JAPAN as of October 1 2018, the company said in a statement.
"Accordingly, it changes its name to Shinryo Suvidha Engineers India Pvt Ltd (Shinryo Suvidha)," it added.
The acquisition provides Shinryo Corporation, which had 2017 sales of 241,100 million Yen (about Rs 15,000 crore), access to the fast-growing Indian electro-mechanical infrastructure projects market, the company said.
Commenting on the development, Shinryo Corporation President Takeshi Kagami said, "We believe the newly-merged company presents a good example of the growing India-Japan ties, which will contribute to India's growth through development of infrastructure, support to the 'Make in India' initiative and corporate social responsibility (CSR) activities in relevant fields.
" The company further said Yasunori Inoue, Representative of India Liaison Office, Shinryo Corporation has been appointed as Joint Management Director at Shinryo Suvidha.
Shinryo Corporation has presence in several countries across the globe, including Japan, Hong Kong, Thailand, Singapore, Vietnam, Malaysia and the Middle East with over 5,100 employees.
Suvidha Engineers which was established in 1983, has been offering services in designing, system engineering, supply, testing, installation and commissioning of HVAC systems for the past three decades.