Panasonic to acquire 76.2 pc shares of Firepro Systems

NEW DELHI, May 11: Japanese electronics products maker Panasonic Corporation today said its Board has approved to acquire 76.2 per cent share of unlisted safety and security products firm Firepro Systems Private Ltd.�Panasonic will acquire a portion of Firepro�s ordinary shares previously owned by investment companies...With this acquisition Panasonic shall hold 76.2 per cent of Firepro�s shares,� it said in a statement. However, the company did not disclose the financial details.Post acquisition, Firepro�s management will own 10.8 per cent shares, while the investment companies will hold 13 per cent.Panasonic Corporation�s shares are listed on the Tokyo, Osaka, Nagoya and New York stock exchanges. Firepro, a player in infrastructure protection and security space, is headquarted at Bengaluru and has an employee strength of about 800. (UNI)