Divine Power Energy Acquires Vimlesh Industries for Rs 70 Crore

New Delhi, Apr 3 (PTI) Divine Power Energy Ltd (DPEL) on Thursday said it has completed the acquisition of entire stake in Vimlesh Industries for Rs 70 crore.

Post-acquisition, Vimlesh Industries will become its 100 per cent subsidiary, DPEL said in a statement.

On the objectives behind the move, DPEL said the acquisition will allow the company to expand its presence in the domestic electrical industry.

A share purchase agreement was signed with Vimlesh Industries to acquire a 100 per cent stake in the company for Rs 70 crore in November last year.

DPEL Managing Director Rajesh Giri said, "By leveraging our combined strengths, we aim to enhance our product offerings and market positioning. This collaboration will translate in significant upside in the DPEL's consolidated revenues owing to doubling of capacities."

Divine Power Energy is a leading industrial electrical wires manufacturer in India.

Vimlesh Industries manufactures insulated aluminium and copper wires and strips and exports its products to various countries in Europe, Asia and Africa.