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Article: Videocon may buy all of washing machine JV.
- Article from:
- Economic Times (New Delhi, India)
- Article date:
- February 24, 2006
CopyrightCOPYRIGHT 2006 The Economic Times. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Feb. 24--MUMBAI, India -- Durables major Videocon is learnt to have held preliminary discussions to acquire Matsushita's 70 percent stake in Pune-based Matsushita Washing Machine India (MWMIL). The Videocon Group currently has a 30 percent equity stake in MWMIL that manufactures the National-Panasonic brand of washing machines. And while, according to sources, Videocon no longer needs Matsushita's help in making appliances, it still shares a close relationship with the Japanese company.
In fact, Videocon had helped Matsushita to set up its own washing machine facility in Ranjangaon near Pune. The JV between Matsushita Electric Industries and Videocon ...