BIC SA, the eponymous French maker of pens and lighters, said on Thursday it was buying a 40 percent stake in India's Cello Pens for 124 million euros ($160 million), giving it a foothold in the growth market.
BIC could raise its stake to 55 percent in 2013, it added in a statement.
Cello Pens had 2007/08 sales of 64.5 million euros and a 30 percent operating margin. BIC said the deal would boost earnings per share from 2009. Cello was founded in 1995.(Reuters)