Financial Daily from THE HINDU group of publications
Saturday, May 06, 2006
Financial Daily from THE HINDU group of publications Saturday, May 06, 2006 |
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Corporate
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Mergers & Acquisitions Wipro acquires North West switches brand Our Bureau
New Delhi , May 5 The Consumer Care and Lighting Business Division of Wipro Ltd has acquired the North West Switches brand from North West Switchgear Ltd for an all-cash deal of Rs 102.2 crore. "We have also entered into an agreement with North West for manufacture of switches for a period of five years," said Mr Vineet Agrawal, President, Wipro Consumer Care and Lighting Division. The company would put in place the marketing of the brand across the country. North West Switchgear is a Delhi-based manufacturer of switches, sockets and MCBs. It clocked a turnover of Rs 37.6 crore in the last fiscal. The modular switches market in the country stands at Rs 400 crore and is growing at 25 per cent annually. Without giving sales target for switches, Mr Agrawal said his company would achieve a higher growth rate than the market. Wipro's scrip closed at Rs 539.15 at the Bombay Stock Exchange on Friday, down from Rs 540.30 on Thursday.
More Stories on : Mergers & Acquisitions | Electrical Goods | Wipro Ltd
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