Sri Lanka’s ACL Cables PLC today announced that it has entered in to an agreement to acquire 51% stake of Cable Solutions (Private) Limited  for a consideration of Rs.481 million.

In a stock exchange filling the Company said it eventually will buy 75% of the issued shares of Cable Solutions from its existing shareholders by the company and a consortium of investors.

Cable Solutions is a provider of world-class solutions in the application of cables and wires for the electrical and electronics industry.

Cable Solutions has its production centres in Sri Lanka and India. The main production facility is in Sri Lanka and is located in Flinth Industrial Park, a state-of-the-art industrial environment set up by Swedcord Development, Sweden.