Helix-backed Hi-Rel Electronics sold to Hitachi
India’s Hi-Rel Electronics, backed by Helix Investor Advisors, has been acquired by Japan’s Hitachi for an undisclosed price.
Hi-Rel will be rebranded Hitachi Hi-Rel Power Electronics as part of the deal, which was closed to strengthen the parties' electronics businesses. Hi-Rel will operate as an electrical machinery manufacturing division of Hitachi, and will be supported by the construction of a new facility for building medium-voltage inverters in Gujarat.
India's power electronics business is set to generate revenues of INR8 billion ($104.7 million) in the fiscal year ending March 2016, the companies noted in a statement.
Hitachi and Hi-Rel began discussing their business alliance in June, which including the possibility of an equity investment by Hitachi in Hi-Rel. Hitachi claims approximately 360,000 employees worldwide and claimed consolidated revenues of JPY9.32 trillion ($112.2 billion) for the year ended March 31.
Helix backed a management buyout of Hi-Rel in September of last yea. That deal saw Helix is inject $11 million into the Ahmedabad-based company. Hi-Rel management, led by Piyush Shah, holds a minority stake.
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