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Our Bureau

Hyderabad , Feb 9

DR Reddy's Laboratories Ltd has announced that it has entered into a definitive agreement with the Bangalore-based Stumpp, Schuele & Somappa (SSS) for the sale of its wholly-owned subsidiary, Compact Electric Ltd.

In a press release here, the company said under the terms of the agreement, SSS would acquire 51 per cent ownership and gain immediate management control and over the next two years would acquire the balance 49 per cent share from Dr Reddy's.

Compact Electric, a completely-held subsidiary of Dr Reddy's, is an export-oriented unit engaged in the business of manufacture and sale of halogen lamps. For the year ended March 31, 2003, Compact Electric recorded sales of Rs 8.9 crore and currently has an employee base of 80.

SSS is an automotive springs manufacturer with significant OE relationships. Dr Reddy's said Ernst & Young advised it on the deal.

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