AEG Power Solutions has sold its Indian subsidiary, AEG Power Solutions India, to Tokyo-based Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC).
A joint venture between Japanese conglomerates Toshiba and Mitsubishi, TMEIC acquired 100% of AEGs Indian unit as it expands its activities in the Indian market.
The Indian facility focuses primarily on the manufacturing of solar inverters for the Indian market. The production site in Bangalore has a production capacity of 400 MW a year.
The sale of the unit includes both manufacturing and sales and represents annual revenues of 12.39 million ($17.17 million) and 85 employees.
The sale is part of AEGs ongoing restructuring efforts and concentration on its core areas of competitive strength, the company said.
"The AEG PS Group is continuing to concentrate its scope and efforts on its core businesses and markets," said Jeffrey Casper, AEGs executive vice president. "This divesture is a significant milestone in the ongoing reorganization process of AEG Power Solutions."