Pai Kane group acquires British company Sheaf Power
PANAJI: Tuem based, Power Engineering India Pvt Ltd, is taken the acquisition route to growth. The company recently concluded the buy-out of Sheaf Power Ltd., a British company located in Sheffield.
Announcing the news on Tuesday, Atul Pai Kane, chairman and managing director, Pai Kane group, said that, the acquisition will create a manufacturing base for the Pai Kane brand in the UK while keeping the business of Sheaf Power exactly the same. The announcement was in the presence of Robert G Linley, chairman, Sheaf Power Ltd.
“The deal was concluded on March 18, Gudi Padva day but the control of the board took place later in the month,” revealed Kane. He said that, the acquisition will enable the group to increase exports to UK and other markets. It will also lead to substantial jobs locally as well as in UK, he said. “We plan to employ additional resources in the UK and in India to meet the demands of growth in business,” he added.
Sheaf Power is in the business of bespoke gensets and niche contracts in UK and Europe since 1987. The company builds the Wardpower range of generation systems and undertakes specialists projects in different locations. The company employs about 17 people and has annual sale of around five million pound.
Power Engineering is the flagship company of the Pai Kane group. It manufacturers gensets in volumes and exports are to over 66 countries. The company has also invested in the manufacture of most components required in gensets which besides its own captive use, it also supplies to many competing companies globally.
The group employs over 500 people of which 85 per cent are located in India and work out of Goa, said Kane. He said that the acquisition is expected to generate more employment. In 2014-15, the Kane group turnover was estimated at Rs 330 crore.