Matsushita Electric Works Ltd. (TSE:6991) said Monday that it has acquired an 80 per cent interest in Anchor Electricals Private Ltd, India's No. 1 manufacturer of wiring devices.
The move comes as the Japanese firm aims to lift overseas sales by entering the booming Indian market for home and office electrical equipment.
Matsushita Electric Works bought the shares from the Shah founding family for roughly 50 billion yen (US$421.3 million). Anchor makes and sells wiring devices such as outlets and breakers, as well as lighting fixtures and ventilators, with sales reaching around 24 billion yen in fiscal 2006.