Schneider Electric of France has acquired a 74% stake in Luminous Power Technologies, India, for Rs.1400 crore. Luminous is a major manufacturer of power inverters, Uninterruptible Power Supplies (UPS), etc. The remaining will be owned by the founders of Luminous Power.
The company, after the acquisition, would continue to be called "Luminous Power Technologies" and would continue to be a separate entity.
This is the eighth acquisition so far by Schneider Electric in India.
Olivier Blum, Managing Director, Schneidsefr electric, said: "The joint venture with Luminous will provide a strong platform for Schneider to reach out to Indian consumers." Rakesh Malhotra, founder and Chairman, Luminous Power Technologies said: "There is a great potential in the partnership with Schneider. Luminous needs global market access."
Luminous has more than 3 million users of its inverters - a huge cusgtomer base for Schneider and the joint venture to reach out to. Luminous, in addition, has several customers from the government and telecom sectors.
Luminous Technologies had a revenue of Rs.1100 crores in the financial year ending 31st March 2011.
Manish Pant, Managing Director (Strategy and Alliances), Schneider Electric India, would be the Managing Director of the joint venture with Luminous Power. Pant said: "The deal will help us tap Luminous's strong distribution network and access to over 25,000 points of sales.We will also consider development of new products in due course."
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