Marine Electricals (India) Limited (NSEI:MARINE) agreed to acquire a 75% stake in Xanatos Marine Ltd. for $1.6 million on October 22, 2021. On 23 February 2022 has entered into Share Purchase Agreement. As per the agreement, total consideration will be paid in 5 tranches. Xanatos reported a turnover of $0.03 million in 2021. The transaction is expected to close in FY2023.

Marine Electricals (India) Limited (NSEI:MARINE) completed the acquisition of a 75% stake in Xanatos Marine Ltd. on January 4, 2023,