Hammond Power Solutions Inc, a company incorporated and existing under the laws of Ontario, Canada, (“HPS”) and engaged in the business of design and manufacture of dry type custom & standard transformers, acquired 70% stake in PAN Electro Technic Enterprises Private Limited (“PETE”) a manufacturer of cast coil, oil filled and VPI transformers from existing Indian shareholders for a total consideration of INR 775 million (approx. USD 16 million) (“Transaction”).

Nishith Desai Associates, acted as Indian legal and tax counsel to HPS for this Transaction.