Update: AEL clarifies on Westinghouse Lighting tie-up

08 Dec 2005

Asian Electronics Ltd has clarified to the BSE that the information pertaining to placing of orders has been quoted out of context. A release the exchange states, "The official of Westinghouse had mentioned that the sourcing opportunity from Asian and India in particular could be large. That these orders could run into multi-million dollars over a period of time. It does not refer to any single order."

It further state that the approval of the MoU and the marketing tie-up with Westinghouse has been in existence for a long time " and been reported to stock exchange at the relevant time."

The company says that it has an ongoing relationship with Westinghouse Lighting Corporation and discussions are on to finalise future requirements of the Company products. The company has shown keen interest in increasing its sourcing of products from India though till date, the two "have not entered into any new or firm agreement in this regard". The company has been exporting to Westinghouse Lighting Corporation and also under the Westinghouse brand on an ongoing basis and the exports are expected to continue and increase in future.(See: Westinghouse Lighting sets up partnership with Asian Electronics )

The company says that it has launched Westinghouse products in India.