New Delhi: US-based conglomerate GE on Thursday said it would acquire majority stake in Vadodara-based Advanced Systek Ltd.
"GE has agreed to acquire a majority stake in the Vadodara-based Advanced Systek Private Limited, suppliers of terminal automation systems and flow metering solutions," an official statement said.
However, terms of the transaction, which is aimed at enhancing GE's ability to offer solutions to customers in regions such as South Asia and the Middle East, were not disclosed.
Advanced Systek offers its midstream and upstream oil and gas industry customers 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, it added.
"Advanced Systek's capabilities and its established track record in the oil and gas industry combined with our expertise and product portfolio in custody transfer will help us expand our service offerings to our customers," John L Flannery, President and CEO of GE India, said.
"We look forward to widening Advanced Systek's position in its core areas of expertise with GE Energy's broad range of world class products and global reach," Umed Fifadra and Mukesh Kapadia, joint managing directors of Advanced Systek, said.