BANGALORE, May 11: Panasonic Corporation will be acquiring 76.2 per cent of Firepro Systems Private to would enter into an agreement of subscriptions of allocation of new shares to a third party with its consolidated subsidiary, Anchor Electricals Private Limited.
Following the acquisition, Firepro’s management will continue to own 10.8%, and investment companies 13.0% of the company’s shares. Through a third party allocation of shares, Anchor will increase its capital.
The acquisition was a way forward in building the foundation by expanding comprehensive solutions business in India, the company said in a press release here, adding the move was in sync with Panasonic’s vision of becoming the No. 1 Green Innovation Company in the electronics industry by 2018.
Panasonic has worked to expand its performance in construction-related industries in the Indian market, centering on Anchor. Anchor is a top wiring device manufacturer in India with a robust sales network and brand strength; and has built a firm position in electrical construction materials for housing in particular. Firepro, a leader in the infrastructure protection and security space, offers integrated service solutions, along with complete management services, catered more so to the non-housing market. Panasonic aims at veering into both housing and
non-housing markets; and offering total solutions by adding Panasonic’s and Anchor’s product lineup to Firepro’s installation services for clients in the high-growth non-housing market (buildings, commercial facilities).
Both Panasonic and Firepro aim to develop a solutions business with general contracting covering the whole package of design, installation and services for building facilities, utilizing the engineering capabilities and client networking of Firepro, and the Panasonic’s wide range of products and technologies.
The closing process has been scheduled for late May, 2012 and there would be little effect on the financial outlook for FY2013 ending March 31, 2013 the release said. (UNI)
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