New Delhi, Feb. 25: The Maharashtra-based Anchor Electronics and Electricals is set to buy out a majority 82 per cent stake from its Korean partner Daewoo Electronics in its joint venture, Anchor Daewoo Industries Limited (ADIL).

Market sources said the acquisition, which will cost Anchor between Rs 200-300 crore, is likely to take place by next month-end. The money is expected to be raised partly through internal accruals and partly through debt.

ADIL is a joint-venture between Daewoo Electronics of Korea, which has an 87 per cent stake, and Anchor Electronics and Electricals, which holds the remaining 13 per cent equity.

Sources said the consumer-durable major also plans to invest nearly Rs 50 crore to expand its dealer network across the country. In an aggressive attempt to build synergy between its consumer electronics and electrical divisions, the company will launch a range of washing machines, colour televisions, air-conditioners and refrigerators in fiscal 2004-05.

The company has so far invested about Rs 200 crore in its manufacturing facility near Pune where it produces refrigerators, washing machines and colour televisions.

Daewoo, the bankrupt Korean conglomerate, had exited the country nearly three years ago after facing a global financial crisis. It then made its journey back to India last year with a brand of consumer durables through a joint venture with Anchor Electronics.

Once the deal is complete, Daewoo will retain a 5 per cent stake besides retaining an exclusive licensing arrangement.

According to the co-branding exercise being undertaken by the company, the products will reach consumers with the tagline — Daewoo brought to you by Anchor.

Anchor has already taken charge of Daewoo’s factories at Pune and Noida. It has also launched its frost-free and direct-cool refrigerators under the brand. Expecting a turnover of Rs 200 crore within the first year of operations, the Daewoo brand will be made available through 1,200 outlets across the country.

Hemang Shah, chief operating officer of ADIL, had earlier said the products would be priced competitively, while the refrigerators will be priced on a par with brands like Godrej and BPL.

The company also intends to set up separate assembly lines for making the entire range of consumer-durable products.