Wipro Consumer Care Buys North-West Switches for Rs. 1022 Mln
Wipro Ltd. has announced that its Consumer Care and Lighting business division has acquired North-West Switches business from North-West Switchgear Ltd., a Delhi based company in the business of switches, sockets, MCBs etc. in an all cash deal with an upfront consideration of Rs. 1022 Million. Wipro has also entered into manufacturing agreement with them for a period of five years.
The company said the acquisition is a significant milestone to expand its presence in electrical product segments. Commenting on the transaction, Vineet Agrawal, President Wipro Consumer Care and Lighting said, "This acquisition is in line with our strategy to enter into newer but related areas where Wipro's team can significantly enhance value.
Wipro Consumer Care and Lighting business reported revenues of Rs. 6009 million for the financial year 2005-06.
