December 07, 2017 01:24 PM Eastern Standard Time
THANE, India–(BUSINESS WIRE)–Ducon Infratechnologies Limited (BSE:534674, NSE:DUCON), a growing diversified technology Company, today announced that it has set up a wholly owned subsidiary named Ducon Combustion Equipment Inc. (DCE) in New York, USA to sell diversified combustion and power products. The products shall include: steam & power turbines, Heat Recovery Steam generators, and cogeneration plants using both gas and biomass fuels.
“The rationale behind setting up the subsidiary in North America is our unique ability to source reliable pre-owned & surplus equipment in this geography that balance cost, operational performance and overall risk at lower capital cost which will provide our worldwide clients with a better total project ROI.”
“The world-wide market for turbines and cogeneration plants is expected to reach over $50 billion by 2022. This growth will be driven by the increasing replacement of coal-fired power plants with natural gas and biomass plants and the rising efficiency and durability of turbines due to improved technological advances in the industry,” said Mr. Aron Govil, Chairman of the Company.
He further added, “The rationale behind setting up the subsidiary in North America is our unique ability to source reliable pre-owned & surplus equipment in this geography that balance cost, operational performance and overall risk at lower capital cost which will provide our worldwide clients with a better total project ROI.”
DCE shall provide best power generation & heat recovery solutions to the public and private sector clients worldwide by sourcing surplus new, used and refurbished equipment from dealers and end-users across North America. DCE shall work with a large network of power generation equipment manufacturers, distributors and dealers to find the best equipment that fits the requirements and budget of each project globally.
Update on Scheme of Merger Arrangement
In regard to the pending merger, the final order approving the scheme of arrangement is awaited from National Company Law Tribunal (NCLT). The company anticipates, barring any unforeseen circumstances, that it shall receive this order within the next couple of months and hence complete the entire process before the end of this financial year.
About Ducon Infratechnologies Limited
Ducon Infratechnologies Limited (BSE: 534674, NSE: DUCON) is an emerging technology company based in India for providing solutions in the Industrial, infrastructure & digital space to multiple business segments across varied industries. In the digital space, Ducon offers distribution services to its clients related to marketing initiatives, distribution, volume procurement and end to end technical support. On the infrastructure sector, it intends to offer complete solutions including execution of turnkey projects in rural electrification, environmental control & material handling areas across India and neighboring regions. The Company is led by a team of young and dynamic professionals with technical, marketing and sales know-how and has an objective to become a leading solution provider in the digital and infrastructure business sectors.
Disclaimer: Certain statements in this document that are not historical facts are forward looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors. that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The Company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.
Harish Shetty, Director
Darshit Parikh, Company Secretary
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