Jaipur-headquartered Veto Switchgears & Cables Ltd has acquired equity stake in Vankon Modular Pvt Ltd.
In a stock exchange filing, Veto Switchgears said that it has acquired 46 per cent equity stake in Mumbai-based Vankon Modular Pvt Ltd.
Vankon Modular is engaged in manufacturing of electrical accessories and LED lighting products, apart from wires & cables.
The 46 per cent stake was acquired through 652,000 equity shares at Rs.32 apiece, translating into an aggregate value of Rs.208.64 lakh.
Veto added that Vankon had a sales turnover of Rs.70 crore in FY20 and the company’s market presence was largely in Delhi, NCR, Uttar Pradesh, Rajasthan and Maharashtra.
Incorporated in 1967, Veto Switchgears is engaged in the manufacture of wires & cables, electrical accessories, industrial cables, fans, CFL lamps, pumps, modular switches, LED lights , immersion heaters, MCBs and distribution boards.
Veto is understood to be India’s first company to produce ISI-marked electrical accessories in India. Veto has its manufacturing plants located at Hardwar (Uttarakhand) and Mumbai.
In FY20, Veto reported consolidated (including subsidiaries) revenue of Rs.150.22 crore as against Rs.218.30 crore in FY19.
Featured photograph shows product range of Vankon Modular Pvt Ltd (Source: www.vankonmodular.com)
