Electronics goods major Videocon Industries said Tuesday its board of directors has approved the proposal to merge Electrolux Kelvinator Ltd with the company.
The merger is subject to necessary approvals of the creditors of both the companies and other necessary approvals from different authorities, said a Videocon statement issued to the Bombay Stock Exchange.
The merger is also subject to sanction of scheme by the Mumbai high court, added the statement.
Videocon Group last month signed an agreement with AB Electrolux to acquire the Swedish company’s entire 91.85 percent stake in Electrolux Kelvinator Ltd.
Videocon will now take over the three manufacturing facilities of Electrolux Kelvinator in India at Shahjanpur in Rajasthan, Warora and Butibori in Maharashtra.
The Videocon Group will distribute products under Electrolux and the Kelvinator brands in India. This makes Videocon India’s number one home appliances company.
From Indo-Asian News Service