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Franklin buys stakes in 2 companies in India

Franklin Electric Co. announced Monday it has acquired majority stakes in two companies in India.

Terms of the deals won't be disclosed until the company's third-quarter report comes out in October.

The acquired companies are Pluga Pumps and Motors Private Limited and Wadcorpp India Private Limited. Pluga Pumps recorded $13 million in revenue in the fiscal year that ended in March, while Wadcorpp India had $1 million.

Franklin said the move will help it get a bigger footprint in a part of the world where infrastructure demand is growing.

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