French engineering company, Schneider Electric has acquired 74 per cent stake in leading inverter maker Luminous Power Technologies for Rs. 1,400 crore ($311 million). This move will give the French giant access to the domestic retail market for electrical goods.
PRA Law Offices advised Luminous with a team led by Managing Partner Premnath Rai (pictured right). PRA has offices in Delhi and Bangalore.
P&A Law Offices advised the french power major Schneider with a team lead by Senior Partner Anand Pathak (pictured left) along with Partner Nitin Wadhwa. Schneider is a long standing client of P & A, which has represented the company in its previous acquisitions of Digilink and Zicom.
The remaining 26 per cent shareholding of Luminous would be with its founders and this stake would be subject to put and call options. According to Business Standard, this deal would help Schneider triple India sales to Rs. 4,543 crore ($ 1 billion) from the 2009 levels and make India its seventh-largest market in terms of group sales.
NDTV Profit reports, so far, Schneider has made eight acquisitions in India, including the Luminous deal. The two major deals that Schneider has completed earlier this year are APW President and Digilink.
Luminous which manufactures inverters, UPS and power storage systems, among other products raked in revenues of Rs.1,100 crore for the year ended March 31, 2011. Luminous had a debt of Rs. 240 crore at the end of last fiscal.