Power & Instrumentation (Gujarat) Ltd to Acquire 35.82% Additional Shares in Peaton Electrical Company Limited, Increasing Stake to 51.06%

Power & Instrumentation (Gujarat) Ltd has agreed to acquire additional 35.82% stake in Peaton Electrical Company Limited, a manufacturing company that produces unitized substations, M.V. panels, LV panels, and other electrical materials. The acquisition will make Peaton Electrical Company Limited a subsidiary of Power & Instrumentation (Gujarat) Ltd. The total cost of acquisition is Rs. 12.54 Crore. The acquisition is completed and the company already holds 51.06% stake in Peaton Electrical Company Limited. No governmental or regulatory approvals were required for the acquisition. The acquisition is expected to lead to collaboration in product development, new technologies, and preferred relationship for supplies in the area of LT panels, Bus trunking system, Compact Sub stations and other electrical materials business.