New Delhi, Nov 22 (PTI) Divine Power Energy Limited (DPEL) on Friday said it has entered into a share purchase agreement with Vimlesh Industries to acquire a 100 per cent stake in the company for Rs 70 crore.

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

Also Read | Kolkata Fatafat Result Today: Kolkata FF Result for November 22, 2024 Declared, Check Winning Numbers and Result Chart of Satta Matka-Type Lottery Game.

Post-acquisition, Vimlesh Industries will become its wholly-owned subsidiary, it added.

DPEL has entered into a share purchase agreement to acquire a 100 per cent stake in Vimlesh Industries for a cash consideration of Rs 70 crore, the company said in a statement.

Also Read | Maharashtra Election Result 2024: Which Parties Are Members of MahaYuti and Maha Vikas Aghadi? How Many Seats Did BJP, Congress, Shiv Sena, NCP, Shiv Sena (UBT) and NCP (SP) Contest in Vidhan Sabha Polls?.

The acquisition shall be completed within 60 days from the date of execution of the shareholders' purchase agreement.

Rajesh Giri, MD, DPEL, said, "Vimlesh Industries is a reputed player in the electrical industry, and this acquisition will offer perfect synergies and help expand our footprint in the existing line of business".

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

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)