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Friday, Feb 07, 2003

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Uniproducts completes HP Pelzer takeover

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NEW DELHI: Uniproducts (India) Ltd, an auto component maker, said that it completed the acquisition of all the outstanding shares of HP Pelzer India Ltd (HPI), a subsidiary of the Pelzer group of Germany, a leading supplier of components for insulation and acoustic protection systems to auto majors.

The acquisition was expected to help Uniproducts to increase its turnover by 25 per cent next year, the company said in a statement here. Its turnover in 2001-02 stood at Rs 35.4 crore and the projected turnover for the current fiscal is Rs 42.5 crore.

"This is a friendly takeover that will bring about greater synergy and economies of scales for both the companies," said Dr Ashwan Kapur, Managing Director, in a statement here.

All necessary regulatory permission including the Foreign Investment Promotion Board (FIPB) and Reserve Bank of India clearances, have been obtained.

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