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ADC to get majority stake in KRONE India

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CIOL Bureau
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BANGALORE: ADC, a provider of communications network infrastructure solutions, has agreed in principal to acquire an additional 11 per cent interest in KRONE India from Karnataka Electronics Development Corporation Ltd. (KEONICS) through its subsidiary ADC GmbH.

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ADC GmbH has entered into the agreement with KEONICS to acquire KEONICS’ entire interest in KRONE communications India Ltd.

Following the closing of the transaction ADC GmbH will hold a 62 per cent ownership interest in KRONE India.

KEONICS presently holds 506,000 shares in KRONE. Under the agreement ADC GmbH will pay KEONICS Rs 169 per share, KRONE Communications Ltd said in a statement.

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In 2004 ADC acquired the KRONE group worldwide. However, the India operations continued to be a publicly listed Joint Venture between ADC GmbH, which held 51 per cent, and KEONICS, which held 11 per cent and 38 per cent by public.

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