Consumer electrical and electronics player V-Guard Industries today said it has received in-principle approval from its board to acquire a majority stake in Guts Electromech Ltd.
The Board of Directors of the company considered the proposal to acquire majority stake in the equity of Guts Electromech Ltd, Hyderabad, and accorded its in-principle approval to make the investment, subject to completion of due diligence and approvals from requisite authorities, the company said in a BSE filing.
However, the company did not disclose the investment figures.
Guts Electromech is engaged in the manufacture and marketing of various kinds of domestic switch gears and power transformers.
Shares of V-Guard Industries were trading at Rs 170.70, down 1.16 per cent on BSE.
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