Marsons and Cleanhill Partners plan to form a joint venture to scale power transformer manufacturing in North America. The Marsons board approved the formation of this JV on October 6, 2026.

Joint venture structure and scope

The proposed collaboration between Marsons and Cleanhill Partners is aimed at expanding power transformer manufacturing capacity in North America. The joint venture represents a strategic move to address the growing demand for power infrastructure equipment in the region. The entity will be formed as a limited liability company in the United States.

The partnership signals Marsons' intent to establish a manufacturing presence in North America through a collaborative structure with Cleanhill Partners. Power transformers are critical components in electrical transmission and distribution networks, and the joint venture is positioned to serve this segment in the North American market.

Market context and operational roadmap

North America faces a significant transformer supply gap with lead times exceeding 24 months. Utilities and renewable energy developers are increasingly focused on supply-chain diversification. Marsons is currently executing transformer orders for major U.S. renewable energy and utility projects, including GSUs up to 200 MVA and pad-mounted units across multiple locations.

The newly formed entity will initially focus on importing, marketing, selling, distributing, and servicing Marsons transformers in the United States and Canada. In due course, the joint venture plans to manufacture transformers specifically for these markets. A longer-term vision includes full-scale transformer manufacturing in North America to address demand from grid modernization, renewable energy expansion, and data center power requirements.

Company profiles

Marsons Limited is an India-based EHV power transformer manufacturer with 70 years of engineering heritage. It is the only EHV transformer manufacturer in Eastern India and the Northeast Region and the largest by installed capacity in that area. The company operates a 45,000 square-meter manufacturing facility with current annual capacity of 12,000 MVA, undergoing expansion to 26,000 MVA. Marsons holds approvals from PGCIL and NTPC and specializes in transformers rated from 11 kV to 345 kV and beyond.

Cleanhill Partners is a New York-based private equity firm focused on energy transition and digital infrastructure. Its portfolio includes Jule Power (battery energy storage) and FTC Solar (solar tracker systems). The firm recently announced the sale of EPC Power, a manufacturer of power conversion systems for data centers and microgrids.

What the Numbers Show

Marsons' current capacity of 12,000 MVA is set to more than double to 26,000 MVA through ongoing expansion. This capacity increase aligns with the joint venture's goal to transition from project-by-project execution to becoming a strategic infrastructure partner in North America, where supply constraints persist due to long lead times exceeding two years.

Marsons Ltd shareholders approved all three ordinary resolutions at the company's 49th Annual General Meeting held on September 30, 2026, with 99.85% of valid votes cast in favour.

The meeting, conducted via Video Conferencing and Other Audio-Visual Means, saw a total of 109,647,761 shares voted out of 172,100,000 outstanding equity shares, representing a voter turnout of 63.71%. The results were declared following the scrutiny report by Arun Kumar Jaiswal of M/s Jaiswal A & Co.

Voting results for key resolutions

All three agenda items, including the adoption of FY26 financial statements and the reappointment of Director Subhash Kumar Agarwala, received overwhelming support from both promoter and public shareholders. Notably, no votes were cast against any resolution by the Promoter & Promoter Group or Public-Institutional holders.

Shareholder participation details

The voting process combined remote e-voting conducted prior to the meeting and electronic voting during the AGM session. A total of 32,032 shareholders were on record as of the cut-off date, September 23, 2026. While physical attendance was dispensed with due to MCA circulars, 52 public shareholders participated through Video Conferencing during the live session.

Promoter and Promoter Group members voted 92,338,461 shares, representing 100% of their holding, all in favour. Public non-institutional holders voted 17,027,113 shares, accounting for 21.74% of their total holding, with a small fraction of 160,025 votes cast against the resolutions.

Governance and compliance

The meeting was chaired by Subhash Kumar Agarwala, who also sought reappointment as he retired by rotation. Five directors participated in the virtual meeting: Subhash Kumar Agarwala, Rohit Shaw, Varsha Kedia, Surojit Ghosh, and Debashis Sarkar.

Central Depository Services Limited (CDSL) served as the service provider for the e-voting infrastructure. The scrutinizer’s report confirmed that the requisite majority was achieved for all items, including the ratification of remuneration for the Cost Auditor for FY27. The consolidated results have been uploaded to BSE and NSE in XBRL format.