Schneider in talks to buy Luminous for $800M
Schneider Electric is in talks to take control of privately held Indian power and energy storage company Luminous Power Technologies.
France’s Schneider Electric is in talks to take control of privately held Indian power and energy storage company Luminous Power Technologies for $800 million, according to news website Wansquare.
The Economic Times reported on April 1 that Schneider was in advanced talks to buy a majority stake in the Delhi-based group. The Economic Times quoted Luminous founder and Chief Executive Rakesh Malhotra as saying that several strategic partners, including Schneider, had shown interest in a majority stake.
Schneider, which makes electricity cables and distribution equipment, declined to comment on Luminous on Tuesday.
Luminous, whose clients include steelmaker Tata Steel, telecom group Bharti Airtel and carmaker Maruti Suzuki, almost doubled sales to $250 million in the 2010 fiscal year and is forecasting sales will double again in 2011 to $500 million, according to its website.
– Edited by Gust Gianos, Consulting-Specifying Engineer, www.csemag.com