GTVF Export Development Ltd., jointly owned by Forest-Vill Ltd. and Ganz Transformers and Electric Rotating Machines Ltd., signed an agency agreement in Kuwait. The agreement, signed on 23 January, will see the company carry out maintenance work on more than 50 electrical substations installed since the 1970s. In addition, GTVF Export Development Ltd. will offer advanced energy solutions and state-of-the-art technology to industrial players in the Middle Eastern country on a long-term basis, which will also facilitate Forest-Vill’s expansion into international markets.
On 23 January, GTVF Export Development Ltd., jointly owned by Forest-Vill Ltd. and Ganz Transformers and Electric Rotating Machines Ltd., signed an agency agreement with Kuwaiti Industrial Electrical Projects Company (IEPC Co.) for an indefinite period of time. The long-term goal of the expansion is to maintain, upgrade and replace obsolete electrical equipment, which includes servicing 50 electrical substations installed since the 1970s. The partnership will also provide an opportunity for Forest-Vill to supply Kuwaiti industry players with advanced electrical technology and advanced energy solutions, thus contributing to the development of the country’s electrical infrastructure.
Under the agreement, Forest-Vill will manage, coordinate and finance the activities through the Kuwaiti IEPC Co. In accordance with Kuwaiti law, IEPC Co. will act as an exclusive local agent for the business of GTVF Export Development Ltd. to act as a partner in providing the necessary legal and business conditions for the Hungarian company. The conclusion of the agreement and Ganz’s return to Kuwait were viewed very positively by the Kuwaiti partner, which helped to establish the new cooperation.
“The new cooperation will allow us to enter international markets in line with our long-term plans, starting with the Middle East region. Our joint venture with Ganz now opens a new chapter in our activities, where we will continue to focus on high professional quality, innovation and efficiency. We hope to contribute to building a sustainable and modern energy infrastructure in the region with our skilled professionals and advanced energy solutions. We would like to take this opportunity to thank the Hungarian Embassy in Kuwait and Ambassador András Szabó for their support in making this cooperation possible” – said Csaba Németh, Managing Director of Forest-Vill Ltd.
Since its foundation, Forest-Vill has undergone a dynamic development and today its range of activities has expanded considerably. In addition to substation construction, the specialist company is also involved in the design, construction and project management of electrical and energy installations. The company is currently constructing two of the country’s largest energy storage facilities, which are scheduled to be commissioned in the first half of the year.
