matsushita-acquires-control-of-indias-anchor-electricals

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 grow these businesses further, the company has identified overseas expansion as a top priority. It wants to grow the contribution of non-Japan sales by 50% from around Ñ222 billion in 2006 to Ñ320 billion by...
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