GE to acquire majority stake in engineering firm Advanced Systek
22 March 2012
Global technology leader General Electric (GE) today said that it will acquire a majority stake in Vadodara-based engineering company Advanced Systek Pvt Ltd, in order to seek growth in South Asia and the Middle East.
The New York-based multinational conglomerate did not disclose the size of the stake or the financial terms of the deal.
Founded in 1988 by Umed Fifadra and Mukesh Kapadia, Advanced Systek provides fiscal metering and automation expertise to the oil and gas and petrochemical industries.
It is a pioneer in providing integrated automation systems for pipeline transfer and storage-distribution of petroleum and petrochemical products as well as supplying solutions for complex liquid and gas metering skid systems.
The company offers the midstream and upstream oil and gas industry with total terminal management and flow metering solutions including design, engineering, supply, installation, commissioning and maintenance.
Oil and gas asset automation applications require specialised skills to ensure the safe transportation and accurate measurement of natural gas, crude oil and petroleum products.