With this step, the joint venture partners are reacting to the rapid growth of the Indian and Southeast Asian markets, as well as the increasing globalization within the industry and the associated investment opportunities. The aim of merging the activities of both companies under the umbrella of ib vogt GmbH is to better serve the requirements of dynamic markets in India and Asia in the future through resulting synergy effects.
"We are very optimistic with regard to developments in these regions and intend to further expand our position in the future. The bundling of forces now initiated will help us to increase our market presence and access to investment opportunities," says Anton Milner, CEO of ib vogt GmbH.
Deepak Verma, MD of nv vogt and future Regional Director of ib vogt India, says: "Both India and Southeast Asia have become regions of strategic importance for any global player in the solar industry and require a strong focus on the challenging requirements of each region. New segments and new opportunities are emerging every day. We are confident that we will be in an even stronger position to take advantage of these opportunities in the future with the now completed step and an increase in our resources and investments".
With immediate effect, the activities of ib vogt GmbH and nv vogt Singapore Pte. Ltd. in the Asian region will be bundled directly under the umbrella of the ib vogt brand. The companies plan to complete the formal acquisition of the joint venture founded in 2012 as a development platform for the Indian and Southeast Asian region in the 4th quarter of 2018.