Hioki Establishes New Subsidiary in India
October 4, 2016 - Nagano, Japan
In a board meeting on September 8, 2016, Hioki’s Board of Directors resolved to establish the following subsidiary in India:
(1) Official Company Name: HIOKI INDIA ENGINEERING PRIVATE LIMITED
(2) Location: Gurgaon, India
(3) President: Eiji Sakai
(4) Businesses: Measuring instrument repair, calibration, service, marketing, and sales support
(5) Capital: INR 20 million (JPY 31 million)
(6) Date of establishment: September 2016 (tentative)
(7) Start of operations: December 2016 (tentative)
Note: The conversation of the new company’s capital into Japanese Yen is based on an exchange rate of INR 1 = JPY 1.55.
In March 2016, Hioki dissolved its joint venture with T.R. Khandelwal Enterprises Private Limited (headquartered in Indore, India), with which it had established a partnership to expand sales in India. Through the Board of Directors decision described in this release, Hioki is moving to establish HIOKI INDIA ENGINEERING PRIVATE LIMITED as a wholly owned subsidiary to oversee before- and after-sales service in an effort to increase and enhance product sales and service in India. The new company will work with HIND ELECTRONIKA INDIA PRIVATE LIMITED, the general distributor that is the parent company of T.R. Khandelwal Enterprises Private Limited, to further develop Hioki’s India business.
3. Future Outlook
The impact of the establishment of the new subsidiary on the Hioki Group’s consolidated business performance during the fiscal year ending December 31, 2016, will be minimal.
Established in 1935, HIOKI E.E. CORPORATION (TSE: 6866) has grown to become a world leader in providing consistent delivery of test and measuring instruments through advanced design, manufacturing, and sales and services. By offering over 200 main products characterized by safety and quality while meeting an expansive range of applications, we aim to contribute to the efficiency and value of our customers' work in research and development, production and electrical maintenance. HIOKI products and services are available around the world through our extensive network of subsidiaries and distributors. Information about HIOKI is available at www.hioki.com.