Prolec Buys Stake in Indo Tech

Mexico’s Prolec-GE, a joint venture between General Electric and Xignux, has agreed to buy a 54.35% stake in Chennai-based Indo Tech Transformers. It has also initiated a public offer to acquire an additional 20.00% stake in the Indian company. Citi, the offer manager, says in a letter to the Indian stock exchange that the value of the 54.35% stake amounts to R2.3bn or almost $48m. The additional 20% stake is valued at about $17.6m.