France’s Schneider Electric decided to acquire 74% in inverter-maker Luminous Power Technologies for Rs 1400 crore. The acquisition of Luminous marked Schneider’s eighth acquisition in two years in the rapidly-growing market.
Luminous Power would continue to operate with the same management and brand. Luminous’ debt stood at Rs 240 crore at the end of March 2011.
According to the Schneider Electric India managing director Olivier Blum the joint venture will provide the company a strong platform to reach out to Indian consumers that is growing at 20% every year. The company plans use Luminous brand to launch electrical appliances including switchboards in India.
Luminous at present has presence in Bangladesh, Pakistan and Nigeria. Blum said the deal would help Schneider tap Luminous' 25,000 retail outlets.
India is thus set to become seventh largest market for Schneider in the world. Together, Schneider and Luminous would have around 11500 employees in the country. Schneider earned revenues of about Rs 4500 crore from its India operations in 2010.
Schneider made eight acquisitions in India in the past 24 months.
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