Wipro buys N-W Switchgear's switches biz

Wipro today said its consumer care and lighting division has acquired North-West Switchgear's switches business, in an all cash deal of Rs 102.2 crore.

The company has also entered into a five-year manufacturing agreement with North-West switchgear, Wipro informed the Bombay Stock Exchange.

"This acquisition is in line with our strategy to enter into newer but related areas where Wipro's team can significantly enhance value. Our distribution reach both in lighting projects and in domestic business will help us to
grow the brand," Vineet Agrawal, president of Wipro Consumer Care and Lighting, said.

Modular switches market is a fast growing segment with growth of 25% per annum. Delhi-based North-West Switchgear, is in the business of switches, sockets, MCBs and reported gross revenue of Rs 37.6 crore during FY06.