Diamond Cables to acquire stake in Apex Group

New Delhi, July 3: Wire Products maker Diamond Cables Ltd today said the company has entered into an agreement to acquire a strategic stake in four companies of Apex Group.

The companies includes Apex Electricals Ltd, Amod Industries Ltd, Sarjak Electricals Ltd, Sheetal Cables and Conductors Pvt Ltd, it said in a statement.

The deal will includ the takeover of asset and settlement of dues of Amod Industries Ltd, distribution transformers manufacturers having an installed capacity of over 15,000 distribution transformer of assorted rating post settlement of its liabilities the said company is proposed to be merged with Apex Electricals Ltd.

The transaction also provides for merger of transformer component manufacturing companies Sarjak Electrical Ltd (CRGO manufacturer) and Sheetal Cables and Conductors Pvt Ltd (copper wire manufacturer) by Apex Electrical Ltd.

The entire facility of power transformers, distribution transformers, CRGO making and wire making facility shall be consolidated in APEX Electrical Ltd having facilities at Samliya-Baroda, Amod-Bharuch and Meghnagar in MP over and above the company's existing facility at Western transformer in Ranoli-Baroda.

UNI