KKR-backed Enzen Global Solutions Pvt Ltd, a Bangalore-based consulting and services company catering to the energy and utilities market, has agreed to acquire wind turbine manufacturer Luminous Renewable Energy Solutions Pvt Ltd for about Rs 12.6 crore ($2 million), it is learnt.
Post acquisition, Pune-based Luminous Renewable Energy Solutions, a subsidiary of Delhi-based power backup and power supply products maker Luminous Power Technologies Pvt Ltd, will operate as a subsidiary of Enzen Global, the spokesperson of the company said.
Incorporated in 2007, Luminous Renewable Energy Solutions designs and manufactures small wind power and wind-solar hybrid systems. The firm's products include blades, alternators, charge controllers, etc.
In 2009, Luminous Power Technologies had acquired 87.5 per cent stake in UD Energy Systems Pvt Ltd for an undisclosed amount. Since then, it has been operating as a subsidiary of Luminous Power Technologies and got renamed as Luminous Renewable Energy Solutions.
Enzen Global has raised around $50 million so far from global investment firm Kohlberg Kravis Roberts (KKR). Earlier, it also raised funding from Darby Asia Investors India, Markertich Consultancy Services Pvt Ltd and Monsoon India Inflection Fund Ltd.
This is the first acquisition by Enzen Global since its inception in 2006. According to a report by The Economic Times, Enzen has kept Rs 120 crore aside for three-five more acquisitions this year.
"We have 330 million unelectrified consumers in India. Many villages do not get sustained and promised access to electricity. Our goal is to embed modern technologies in the power distribution space, to make it available, affordable and most importantly sustainable," Satheesh Kumar, chairman and managing director of Enzen Global Solutions, told the paper.
In the space, Ashok Leyland Ltd recently offloaded its 48.5 per cent stake in Chennai-based Ashok Leyland Wind Energy Ltd to Rajalakshmi Automobiles Pvt Ltd.