NYSE-listed Grainger has signed a definitive agreement to acquire full ownership of its joint venture in India.

Under the arrangement, the group will acquire Asia Pacific Brands India Pvt. Ltd, an industrial and electrical wholesale distributor, for $1.2 million.

Asia Pacific Brands, which has presence over 20 locations and more than 4,000 dealers across India, plans to go to market under the Grainger brand.

Market experts believe that Asia Pacific would provide Grainger a starting position in a large, high potential MRO market. The Indian subsidiary has posted annual revenue worth $30 million.

Further, Grainger stated in a communiqué that it would continue to make investments in the business to deepen its presence in India's growing economy.

W. W. Grainger, Inc. is a leading broad line supplier of facilities maintenance products serving businesses and institutions in the United States, Canada, Mexico, China and Panama. The company reported sales of $6.9 billion in 2008.