Online edition of India's National Newspaper
Tuesday, Feb 13, 2007
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Online edition of India's National Newspaper Tuesday, Feb 13, 2007 ePaper |
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Business
K. T. Jagannathan
CHENNAI: Chennai-based Electromags Automotive Products Pvt. Ltd. (EAPL), which makes solenoide valves and switches, has changed hands. The over two-decade-old company has now come under the fold of the Nusli Wadia group. The Wadias have got into Electromags through Bombay Burmah Trading Corporation (a Wadia group company), claimed to be the second oldest publicly quoted company on the stock exchanges. V. Ravindran, Director on the board of EAPL, told The Hindu that the Wadias had since taken the management control of the company. Sources said the Waida group's company had bought out the three promoters of EAPL almost entirely in a cash deal reportedly worth around Rs. 55 crore. The promoters still hold some shares, albeit of insignificant size. The Electromags' group has three outfits — Electromags, Switch International and Electromags Automotive Products (P) Ltd. The Wadias will now control not only EAPL but also its two subsidiaries. According to Mr. Ravindran, the turnover of Electromags' group is over Rs. 50 crore and it employs around 325 people. The group is a supplier to leading domestic automotive players. The director said a quarter of the revenue came from exports.
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