Leading French electrical installations company Legrand has acquired the switchgear business of Noida-based Indo Asian Fusegear for a total consideration of Rs 600 crore.
Company officials could not be reached for comments. Investment bank Ambit was the advisor to the deal. Legrand will pay Rs 495 crore as the purchase consideration and about Rs 100 crore for the brands and as anon-compete fee.
Several global players including Siemens, Schneider and Philips had shown interest in this asset but Legrand was the highest bidder.
Indo Asian is a leading electrical products company that was started in 1958 by a group of technocrats offering a whole range of electrical products for retail and industrial users. The switchgear division was seen as a smaller non-core division in the company. A formal notification was sent to the French exchanges late on Thursday.