Under the new ownership, Craig and Derricott will continue to operate as a UK company, supporting the existing product range whilst benefiting substantially from the Victory Group's investment in new products and capabilities.
"Craig and Derricott's specialist switchgear has an unrivalled reputation and will support our own ambitious plans for expansion in countries such as India, Africa, China, the Middle East and America," Mahindra Vaddineni, Managing Director of The Victory Group, said after the acquisition.
Andrew Dolman, who is currently the engineering director of Craig and Derricott, will become the new managing director of the company, whose production would be retained in the Midlands.
Established in 1944, Craig and Derricott is known for its high level of engineering expertise, customer service and well-proven products.
Besides, the Tata Group is expected to acquire the Midlands-based Jaguar Land Rover next week.
During the past two years, Indian investment into the West Midlands has more than doubled and at present, there are nearly 30 Indian-owned businesses in the region including State Bank of India, ICICI Bank, Tata Steel, Mahindra and Mahindra and the Aditya Birla Group.