Schneider Electric acquires 75 pc stake in APW President Systems

MUMBAI: Schneider Electric today said it now owns 75 per cent stake in APW President Systems through its subsidiary Schneider Electric South East Asia.

"Shares representing 20 per cent of the share capital of the company were acquired in a mandatory open offer for the company.

"In addition, shares representing 55 per cent of the share capital of the company were acquired from the erstwhile promoters of the company," Schneider Electric said in a statement issued here.

Schneider Electric had signed an agreement for acquiring 55 per cent of promoter's stake in APW President Systems for Rs 62.2 crore, and acquired the mandatory 20 per cent stake for an undisclosed amount.

Opportunities in IT infrastructure in fast growing Asia Pacific and Middle East will now become increasingly accessible to Schneider Electric, it added.

Pramod Agashe and Charles Watanabe have been appointed to the Board of APW President Systems, it stated.

APW President Systems, which has manufacturing facilities at Pune and Bangalore, has about 380 employees and reported a sales of Rs 108-crore for the 12 months ending September 30, 2010.

The scrips of APW President Systems ended at Rs 146.95, up 2.65 per cent from its previous close on the BSE.