Bangalore-based Universal Power Transformers Pvt Ltd signed an MoU with Chinese power company SPECO (Shandong Power Equipment Works) in end December 2010. As part of the deal, SPECO will transfer technology to Universal for manufacture of 220 kV transformers. SPECO already installed over 170 transformers in India that were made in China.
Universal, Rs 500-crore company intends to invest around Rs 20 crore in a manufacturing facility in Haridwar besides setting up a larger one in Pune in about two years.
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