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Wednesday, Nov 03, 2004

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Honeywell completes acquisition of Tata stake in joint venture

Our Bureau

Hyderabad , Nov. 2

HONEYWELL International Inc, the $23-billion diversified corporation, has announced that its wholly owned subsidiary, Honeywell Asia Pacific Inc, has completed acquisition of Tata group's 40.62 per cent stake in Tata Honeywell Ltd.

This transaction was announced in July 2004 and was completed today after the receipt of all necessary regulatory approvals.

Based in Pune, Tata Honeywell is one of the leading automation and control systems providers in India with approximately 1,300 employees and revenues for the year ended March 31, 2004 of Rs 342.4 crore ($70 million). Prior to the completion of the transaction, Tata Honeywell was a joint venture in which Honeywell and Tata group, each held 40.62 per cent of the outstanding shares, with the remainder held publicly and traded on the Bombay Stock Exchange (BSE). As a result of the transaction, Honeywell will hold approximately 82 per cent of the outstanding shares. The new name for Tata Honeywell will be announced soon.

The President, Automation and Control Solutions (Asia Pacific), Honeywell, Mr John O'Higgins, in a statement said: "This business will be an integral part of Honeywell and will become an even more important global resource for Honeywell's Process Solutions and Building Solutions businesses."

"We have had long and successful partnership with Tata, and we look forward to building on that success to expand our capability to serve the region's automation and control customers," Mr Vinayak Deshpande, who will continue as the Managing Director of the company, said.

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