Matsushita acquires control of India's Anchor Electricals
The Japanese electrics company pays $421 million to acquire control of IndiaÆs Anchor Electricals helping it to gain a strong foothold in a new Asian market.
Matsushita Electric Works of Japan is to buy 80% of Indian electrical construction materials company, Anchor Electricals, for Ñ50 billion $421 million. The current owners of Anchor, the Shah family, will own the remaining 20% and will continue to participate in the management of the company. The move allows Matsushita to establish a strong foothold in a fast-growing country where it did not have a presence.
Construction-related businesses currently account for 70% of MatsushitaÆs total sales. In order to...
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