Luminous Power Technologies, maker of home inverters and uninterruptible power supply (UPS) systems, acquired a majority stake in Tritronics (India) Pvt. Ltd., a Delhi based on-line UPS company. The deal size, however, has not been disclosed.
“With this tie-up, we feel much stronger as an organization. We will have much more to offer to our customers, suppliers, employees and all other stake holders” said Rajan Chadha, promoter & managing director, Tritronics. Chadha will continue to head the operations at Tritronics along with the other promoter director, Rajiv Chatrath.
A report in The Economic Times says that Luminous is looking at an expansion through acquisitions. The company is reportedly scouting for small acquisitions across the country and it may also look at targets in Europe and North America.
The acquisition of the stake marks Luminous Power’s second acquisition. In its first acquisition, the company had bought a majority stake of 87.5% in UD Energy Systems (P) Ltd in February this year.
Tritronics, which has been in the power back up business for the past 20 years, deals mainly in the R&D, Manufacturing and sales of Online UPS systems. The company also manufactures inverters and other power conditioning equipments.
While the company already has a strong presence in the country’s government, institutional, banking & financial sectors, it is scouting for opportunities in other sectors like telecom and industrial segments.
Luminous Power Technologies, which had raised $20.3 million from CLSA Capital Partners in 2007, has operations across the globe. The company deals in inverters, UPS, batteries and renewable Energy Products. The company also offers products in the consumer appliances, information technology and networking solutions spaces.
Luminous Teleinfra, a subsidiary of the SAR group which also owns Luminous Power Technologies, raised Rs 16 crore from IFCI Venture Capital in October, 2008.
Luminous Power was set up in 1988 and currently markets its products in more than 32 countries. The company has its global technology centers in India, United States & China.
Singhi Advisors advised Tritronics on the deal.