Woodfield Systems International (WSI), manufacturer of products for transfer of bulk fluids and gas, on Monday said it has completed the acquisition of Woodfield Systems UK, for production of marine loading arms in India. Kartik Gala, CEO and Board Member, WSI said the acquisition will allow WSI to manufacture marine loading arms to transfer bulk fluids and gas, including cryogenic products like LNG and liquid hydrogen, in addition to its existing road transport solutions.
“As PM Narendra Modi recently stated during India Energy Week 2024, the nation’s energy demand is estimated to double by 2045, with an unprecedented infrastructure push being made in that direction,” Gala said.
He amplified that WSI and Woodfield Systems UK’s unified engineering and manufacturing prowess will enable them to deliver “paradigm-changing innovations” in the years ahead.
“While product engineering and management will be done in the UK, manufacturing will occur in India. We will be the only Indian company manufacturing 100 per cent of marine loading arms in India,” Gala told PTI.
With the acquisition, WSI anticipates a 40 per cent year-on-year growth, he added.
The company said WSI’s acquisition of Woodfield Systems UK will be followed by similar investments in the years ahead, as the company eyes more acquisitions in North America and Europe.
“WSI plans to invest USD 100 million over the next decade to strengthen the country’s standing as a global manufacturing and engineering powerhouse,” a company statement said.
Source: Economic Times