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Pennar Industries Ltd is in negotiations to acquire Bailey Hydropower, a Chennai-based hydraulic products and systems manufacturer.
Deal size
According to sources close to the development, the negotiations between the Hyderabad-based company and the target company are at advanced stage.
The deal is estimated at over Rs 50 crore and is expected to be concluded in a couple of days.
New segment
Pennar Industries is into iron and steel products and this will enable it to enter into a new segment.
The deal is likely to be in the form of a cash-cum-share swap mode, sources said.
The company shares closed at Rs 22.70, up 1.34 per cent on the BSE.
>rishikumar.vundi@thehindu.co.in
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