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Coimbatore-based Salzer Electronics Ltd has acquired 72.32 per cent stake in Kaycee Industries, a pioneer in industrial switches.
The acquisition focusses on strengthening Salzer’s position in the industrial switchgear market and expanding its presence into the electrical equipment sector, according to a company release.
It is expected to increase Salzer’s product offering, expanding its footprint in railway business, manufacturing set up in western India and access to all India dealer network.
It is an all-cash deal and Salzer has made an additional offer for purchase of 26 per cent from public for a total equity value of ₹22 crore.
“While the acquisition is subject to receipt of necessary regulatory approvals, we have adequate financial flexibility to fund this transaction through a mix of internal accruals and debt,” said R Doraiswamy, Managing Director, Salzer Electronics Ltd.
Going forward, Kaycee Industries Ltd will continue to remain a listed entity, share technological support and know-how with Salzer and vice-versa.
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