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Divine Power Energy acquires Vimlesh Industries for Rs 70 crore: Rediff Moneynews

Posted on by L. Dreeye
Divine Power Energy acquires Vimlesh Industries for Rs 70 crore: Rediff Moneynews

Divine Power Energy Limited (DPEL) has acquired Vimlesh Industries for Rs 70 crore, expanding its presence in the Indian electrical industry.

New Delhi, Nov 22 (PTI) Divine Power Energy Limited (DPEL) on Friday said it has entered into a share purchase agreement with Vimlesh Industries to acquire 100 per cent stake in the company for Rs 70 crore.

Regarding the objectives of the move, DPEL said the acquisition will enable the company to expand its presence in the domestic electrical industry.

Following the acquisition, Vimlesh Industries will become its 100 percent subsidiary, the company added.

DPEL has entered into an agreement to acquire 100 per cent stake in Vimlesh Industries for a cash consideration of Rs 70 crore, the company said in a statement.

The acquisition must be completed within 60 days from the date the shareholders sign the purchase and sale agreement.

Rajesh Giri, MD, DPEL said, “Vimlesh Industries is a renowned player in the electrical industry and this acquisition will provide excellent synergies and help expand our presence in the existing business space.”

Divine Power Energy is a leading manufacturer of industrial electrical wires in India.

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