Japan's Matsushita buys 80% stake in Anchor
Japanese company Matsushita Electric Works, owner of National and Panasonic brands, has bought 80 per cent stake in Anchor Electricals for Rs 2,000 crore.
By PTI |
MUMBAI: Japanese company Matsushita Electric Works, owner of National and Panasonic brands, has bought 80 per cent stake in Anchor Electricals for Rs 2,000 crore.
The Anchor board members would continue to hold the remaining 20 per cent and play a major role in the management of the company, a top official of the Indian company said on Monday.
The reconstituted board of Anchor would have six Matsushita officials, while four members of the Shah family, the promoters of Anchor would be in the top management body.
The acquisition would help Matsushita gain entry into the "growing, but unorganised and fragmented" Indian electrical market, Anchor Managing Director Atul Shah told reporters here on Monday.
"We decided to partner with Matsushita for its research and development and technology to complement our brand value, network and product line up. The partnership will help us to expand our product category," he said.
The Anchor board members would continue to hold the remaining 20 per cent and play a major role in the management of the company, a top official of the Indian company said on Monday.
The reconstituted board of Anchor would have six Matsushita officials, while four members of the Shah family, the promoters of Anchor would be in the top management body.
The acquisition would help Matsushita gain entry into the "growing, but unorganised and fragmented" Indian electrical market, Anchor Managing Director Atul Shah told reporters here on Monday.
"We decided to partner with Matsushita for its research and development and technology to complement our brand value, network and product line up. The partnership will help us to expand our product category," he said.
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