MIL Power Converter has inaugurated a manufacturing facility at Manesar, Gurugram, in the Delhi-NCR region. The facility was opened by Daniel Bernstein, President and CEO of Bel Fuse Inc., alongside Enercon Technologies CEO Eyal Shary.
This development follows Bel Fuse Inc.’s acquisition of an 80% stake in Enercon Technologies Ltd. for $320 million in November 2024, with plans to acquire the remaining 20% by early 2027. The transaction valued Enercon at $400 million. Enercon, headquartered in Netanya, Israel, specializes in power conversion and networking solutions for military and aerospace markets, with manufacturing sites in North America and India. The company reported sales of $115 million with a gross profit margin of 47% for the twelve months ending Q3 2024.
The event was attended by senior executives from Bel Fuse and its subsidiaries, including CFO Farouq Tuweiq, Steve Dawson (President, Bel Power Solutions & Protection), Joe Berry (President, Magnetics Division), and Vijay Gujarathi (Managing Director, EOS). Representatives from Enercon and MIL Power were also present, including Matan Meishar (CFO & COO, Enercon), Daniel Tiram (VP, Enercon), Satypal Chaudhry (GM-Operations, MIL Power), Sanjay Kumar Makhija (GM-Finance, MIL Power), and Umesh Varma (GM-Business Development, MIL Power).
The company has been operating in India since 2017 and has stated that the new facility aligns with its manufacturing strategy in the country.