ADC acquires 11 percent stake in Krone India
Tuesday, 20 March 2007, 05:00 Hrs
Bangalore: US-based telecom network infrastructure solutions provider ADC Inc. will acquire 11 percent stake of Karnataka Electronics Development Corp Ltd (Keonics) in Krone Communications Ltd for 169 per share through its German subsidiary -- ADC GmbH. The state-owned Keonics currently holds 11 percent (506,000 shares) in Krone India, while the public hold 38 percent. Post-buyout, ADC GmbH's holding will go up to 62 percent. Though ADC acquired the Krone Group worldwide in 2004, its India operations continued to be a public-listed joint venture between its German subsidiary and Keonics, including public. As a leading brand in the carrier and enterprise markets in the sub-continent, with cable and connectivity products in the network infrastructure space, the 17-year-old Krone provides equipment and services for delivering voice, video, Internet and data communications across the world.