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,

No comments
The Engineers' Choice Awards highlight some of the best new control, instrumentation and automation products as chosen by...
The System Integrator Giants program lists the top 100 system integrators among companies listed in CFE Media's Global System Integrator Database.
The Engineering Leaders Under 40 program identifies and gives recognition to young engineers who...
This eGuide illustrates solutions, applications and benefits of machine vision systems.
Learn how to increase device reliability in harsh environments and decrease unplanned system downtime.
This eGuide contains a series of articles and videos that considers theoretical and practical; immediate needs and a look into the future.
Choosing controllers: PLCs, PACs, IPCs, DCS? What's best for your application?; Wireless trends; Design, integration; Manufacturing Day; Product Exclusive
Variable speed drives: Smooth, efficient, electrically quite motion control; Process control upgrades; Mobile intelligence; Product finalists: Vote now; Product Exclusives
Machine design tips: Pneumatic or electric; Software upgrades; Ethernet advantages; Additive manufacturing; Engineering Leaders; Product exclusives: PLC, HMI, IO
This article collection contains the 5 most referenced articles on improving the use of PID.
Learn how Industry 4.0 adds supply chain efficiency, optimizes pricing, improves quality, and more.

Find and connect with the most suitable service provider for your unique application. Start searching the Global System Integrator Database Now!

Cyber security cost-efficient for industrial control systems; Extracting full value from operational data; Managing cyber security risks
Drilling for Big Data: Managing the flow of information; Big data drilldown series: Challenge and opportunity; OT to IT: Creating a circle of improvement; Industry loses best workers, again
Pipeline vulnerabilities? Securing hydrocarbon transit; Predictive analytics hit the mainstream; Dirty pipelines decrease flow, production—pig your line; Ensuring pipeline physical and cyber security