Divine Power Energy inks pact to acquire Vimlesh Industries

New Delhi, Nov 22 (PTI) Divine Power Energy Limited (DPEL) on Friday said it has entered into a share purchase agreement with Vimlesh Industries to acquire a 100 per cent stake in the company for Rs 70 crore.
    On the objectives behind the move, DPEL said the acquisition will allow the company to expand its presence in the domestic electrical industry.
    Post-acquisition, Vimlesh Industries will become its wholly-owned subsidiary, it added.
    DPEL has entered into a share purchase agreement to acquire a 100 per cent stake in Vimlesh Industries for a cash consideration of Rs 70 crore, the company said in a statement.
    The acquisition shall be completed within 60 days from the date of execution of the shareholders' purchase agreement.
    Rajesh Giri, MD, DPEL, said, "Vimlesh Industries is a reputed player in the electrical industry, and this acquisition will offer perfect synergies and help expand our footprint in the existing line of business".
    Divine Power Energy is a leading industrial electrical wires manufacturer in India.

(This story has not been edited by THE WEEK and is auto-generated from PTI)