Videocon Group on Thursday signed an agreement with AB Electrolux to acquire the Swedish company's entire 91.85 per cent stake in Electrolux Kelvinator Ltd. As per the deal, AB Electrolux will get about 5 per cent stake in Videocon Industries Ltd.
The company had not been in the pink of health for sometime and there were even reports that it may stop production in India completely.
Consumer durables maker Electrolux Kelvinator Ltd will merge with Videocon Industries by next year, Electrolux managing director Anirudh Dhoot said on Tuesday.
Videocon Industries Ltd has received approval from the Bombay high court for amalgamating EKL Appliances Ltd with itself.
Electrolux Kelvinator Limited, maker of refrigerators and washing machines, would foray into microwave oven and airconditioner segments soon, a top company official said in Bangalore on Friday.
Electrolux Kelvinator Limited on Wednesday said it would be in black by December, 2005 and announced its foray into microwaves category with the launch of its Nutrition range of four models.
Electrolux Kelvinator, the Indian subsidiary of $17 billion AB Electrolux of Sweden, plans to launch a slew of new products and models this month.
Swedens AB Electrolux, the worlds No 1 consumer appliance maker, will invest $31 million in its loss-making Indian arm, which is weighed down by debt of over double that amount, the unit said.
Electrolux Kelvinator India plans to file on Monday its updated application for Rs 200 crore rights issue with the Securities and Exchange Board of India, chief executive officer Rajeev Karwal said in New Delhi.
The Indian unit of South Korea's LG Electronics Inc. plans to double its market share in the growing refrigerator segment in 2003 by launching a slew of new models, a senior official said on Monday.
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