Anchor Electricals, India’s biggest electrical major, will be a subsidiary of Matsushita Electric Works from now on. Matsushita Electric Works, the Japanese electrical giant and also the owner of National Panasonic, has bought 80 per cent stake in Anchor Electricals. The deal is said to be about Rs 2,000 crore.
This will give the Japanese giant a foothold in the Indian electrical accessories market, which is estimated to be Rs 2,500 crore and growing at 35 per cent annually. Anchor, which was controlled by Shah family, was also in talks with Schneider Electric.