Panasonic to acquire 76.2 p.c. shares of Firepro

NEW DELHI, INDIA: Panasonic Corporation today announced that the company will acquire shares of Firepro Systems Private Limited and also enter into an agreement of subscriptions of allocation of new shares to a third party with its consolidated subsidiary, Anchor Electricals Private Limited, said a press release.

Panasonic will acquire a part of Firepro's shares previously owned by investment companies. Following the acquisition, Firepro's management will continue to own 10.8 per cent, and investment companies 13.0 per cent of the company's shares. Through a third party allocation of shares, Anchor will increase its capital.

Panasonic has worked to expand its performance in construction-related industries in the Indian market, centering on Anchor. Anchor is a wiring device manufacturer in India and has built a firm position in electrical construction materials for housing in particular.

Firepro, an infrastructure protection and security space provider, offers integrated service solutions, along with complete management services, catered more so to the non-housing market.

Panasonic aims at veering into both housing and non-housing markets; and offering total solutions by adding Panasonic's and Anchor's product lineup to Firepro's installation services for clients in the high-growth non-housing market (buildings, commercial facilities), said the press release.

Both Panasonic and Firepro aim to develop a solutions business with general contracting covering the whole package of design, installation and services for building facilities, utilizing the engineering capabilities and client networking of Firepro, and Panasonic's wide range of products and technologies.

Panasonic expects stable growth of 7 to 8 per cent annually in GDP, with demand in housing-related markets. Serious demand is also expected for infrastructure-related sectors such as construction and power, following the remarkable economic growth and the government-led infrastructure development initiatives.