Elektro Anlagen Pvt. Ltd., a company engaged in providing industrial electricals and automation solutions, is turning into a joint venture with the induction of U.S.-based KASA Companies Inc. as a financial partner.

Worbus International Ltd., a global M&A (mergers and acquisitions) investment bank, facilitated the joint venture.

Following this, Elektro Anlagen will take a new name and will be called Kasa Anlagen. In the joint venture, KASA Companies will hold a 30 per cent stake. It will have the option to increase its stake to 50 per cent over a period. The balance will be held by the promoters led by Sundarram Balaji, who is the Managing Director of Elektro Anlagen.

Under the agreement, the new joint venture will have three directors from Elektro Anlagen, two from KASA and one from Worbus. According to George Molakal, International Director of Worbus International LLC, the board representation is mainly to hand-hold the two partners for a smooth running of the organisation. Worbus will be on board of the joint venture at least for five years.

Salina-based KASA Companies was incorporated in 1974. It was founded by the father of Dan Stutterheim, who currently runs the organisation. Elektro Anlageo was incorporated in 1992. It has a manufacturing base at Tirumudivakkam, near here. The plant has a capacity to make 1,800 panel verticals a year. It recently set up a plant at Bhilai in Chhattisgarh.

Addressing a press conference here on Thursday, Mr. Balaji said the Rs.20-crore Elektro was growing at a compounded annual rate of 21 per cent. The conversion into a joint venture would help the company expand its global footprint and offer new solutions. Mr. Stutterheim said the joint venture would emerge as a total solutions provider for electric and electronic needs of companies across the canvas.

KASA would pick up stake in the joint venture through its fully-owned Indian subsidiary, Mr. Balaji said. Mr. Molakal said the joint venture would be looking at an investment of $10 million over the next five years.

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