Bangalore, February 23: The UK-based Caradon MK Electric Ltd has sought clearance from the Foreign Investment Promotion Board to hike its stake to 90 per cent in its domestic venture -- MK Electric (India) Ltd. This is the second equity hike by the company in the last few months, when it had increased its stake from 40 to 60 per cent. According to MK Electric India marketing manager Krishendu Dasgupta the parent firm will acquire 30 per cent stake from one of the original promoters and an Dubai-based NRI group.He, however, refused to divulge more details as talks are still at an advanced stage. The balance will remain with the public, he added.The company, which manufactures wiring accessories, fire detection and alarm systems among others, has now set up a new division called MK Cable Management for which an investment of around Rs 5 crore is planned during the current fiscal, said Dasgupta. The new division will offer cable distribution systems. The company, which had posted a turnover of Rs 30 crorelast year, is targeting Rs 45 crore this fiscal.
According to MK Electric regional manager MV Rajan Nambiar, "Safety, reliability and flexibility of cable layout, modular extension capability, ease of installation and maintenance and aesthetic appearance are the essentials of cable distribution. MK addresses these needs as it provides modular design and a wide range of accessories for customising individual sites."
The company will launch three main products viz Powerlink, Premier and Norwich.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
