Engineering firm drives growth in India with bank’s backing
Wilson Power Solutions, a Leeds-based manufacturer of energy infrastructure equipment, is set to continue expanding with support from a seven-figure funding package from HSBC in the UK and India.
The bank’s funding will provide working capital to help the business as it pursues significant contracts, such as the India national railway. This will allow the firm to scale up its workforce in India and buy raw materials at short notice. As a result, the business expects to grow its Indian operations by 50% in the next 12 months.
Wilson Power Solutions, established in 1946, makes industrial transformers, switch gears and battery trip units. It has invested in its manufacturing presence in India over a number of years and has now agreed to partner with HSBC as it looks to continue its growth on a global scale.
The company is headquartered in Beeston. Over 140 people are employed by the firm worldwide and last year it enjoyed over £17.3m worth of sales. It has supplied energy infrastructure for a range of clients, including Tesco, SSE and the NHS.
Simon Wilson, Managing Director at the company, said: “Manufacturing in the UK has been, and will continue to be, key to our company’s growth and success.
“However, our continued investment in our manufacturing facility in India continues to reap rewards for our business, allowing us to capitalise on the booming local economy and win new contracts. HSBC’s global footprint has also allowed us to bring all our trade facilities seamlessly under one roof, giving us the means to meet larger, more demanding contracts.”
Jamie McCullough, HSBC UK’s Corporate Relationship Director for West and North Yorkshire, said: “Despite already enjoying success in the UK, Wilson Power Solutions has also successfully grown its production facility in India. Given the global reach of HSBC, we are delighted to be able to support the growth and global banking requirements of the business.
“It is a fine example of Yorkshire entrepreneurship and we’re extremely excited to support this global business both in the UK and overseas in its growth strategy.”