Matsushita to pay Rs 2,000cr for Anchor stake

Japan's National Matsushita Electric has agreed to buy Mumbai-based Anchor Electricals.

Matsushita would be paying Rs 2,000 crore for an 80% stake in Anchor.

The new joint venture between Matshushita and the Shah family of Anchor is not planning to change the name of the company, and the reconstituted board will have six representatives from Matsushita and four members from the Shah family.

Toshihide Arii is the chairman and CEO of the new venture, and Atul Shah continues to be MD of the company.