Mumbai: The Videocon group is close to acquiring Italy’s Magaldi Power SpA, a leading economic daily reported, citing Italy’s minister of international trade Emma Bonino.
It cited Bonino, who is on a visit to India, as saying that Videocon is in the final stages of negotiations with the Napoli-based company and that a deal is expected to be announced soon.
Magaldi Power SPA is part of a 70-year-old Italian business house. The company deals in dry bottom ash handling systems for solid fuel-fired boilers catering to the power generating industry.Videocon’s chairman Venugopal Dhoot declined to comment.
The deal could be announced tomorrow, as a host of Italian companies are expected to sign agreements with Indian companies in Mumbai in the presence of the Italian prime minister.
Fiat is expected to sign another agreement with the Tata Group and Italian aviation major Finmeccanica is expected to announce tie-ups with several Indian aviation companies. However, the trade minister refused to disclose details of the agreements.