Korea Based Doosan Acquires AE&E's Indian Power Unit
South Korean firm Doosan Heavy Industries and Construction Company has acquired Austria-based AE&E (Austria Energy & Environment) Group's Indian unit - AE&E Chennai Works Limited for 20.5 Mn Euros (around $28.15 Mn).
With this deal Doosan gets a manufacturing base in India for power plant boilers.
In last few years, Doosan has secured orders for power plants in India and was looking for manufacturing base in India.
Transaction Reference: The Hindu Business Line
AE&E Chennai Works Ltd is a boiler manufacturing company for coal-fired power plants.
The plant once belonged to Deutsche Babcock and was later taken over by AE&E in 2005. AE&E also bought another unit of Babcock, the Chennai-based Intercontinental Development & Engineering Pvt Ltd (I.D.E.A), a company that provides engineering design services.
AE&E has secured order from the Essar Group for the supply of six CFBC-type boilers of 150 MW each for the Salaya III project.
Austrian AE&E Group is the plant engineering and construction company, supplying high-quality power generation and environmental technologies.
Established in 1962, Korea-based Doosan’s business ranges nuclear power plants, thermal power plants, turbines and generators, to desalination plants, castings, forgings and construction.
In 2007, Doosan received the order from Tata Power to supply five supercritical boilers of 800 MW each, a deal valued at $1 Bn. Last year, Doosan bagged a $1 Bn order from GMR Energy for building the Raipur-Chhattisgarh thermal power plant.
Tamil Nadu is now hub for power equipment manufacturer which includes BHEL, Cethar Vessels, Ansaldo Caldaie (all boilers-Tiruchi), Toshiba (turbines-Chennai) and BGR-Hitachi (boilers and turbines-Chennai).
In this sector, last year, Crompton Greaves acquired Power Technology Solution for $43.24 Mn, Thermax Ltd acquired European boiler manufacturer Danstoker A/S and its German unit Omnical Kessel for $42 Mn.
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