Matsushita Takes 80% In Anchor

Mumbai: Matsushita Electric Works (MEW) of Japan, owners of the National and Panasonic brands, has purchased 80 per cent equity stake in the privately held Anchor Electricals for Rs 2,000 crore. The deal is the largest overseas take over for MEW, the previous one being a German company for around Rs 1,000 crore. Anchor is the market leader in the Indian electrical accessories and wiring devices market with annual sales exceeding Rs 900 crore. MEW will introduce new products such as home appliances, lighting, home automation, interior design solutions and security systems and security products in India. Post the joint venture, the Anchor brand name and logo will continue.