Chennai-based Consul Consolidated Pvt Ltd, a manufacturer of UPS systems and voltage stabilisers, has announced its merger with Pune-based electronics products maker Neowatt Energy Solutions Company Pvt Ltd, according to a press release.
The combined entity will be called Consul Neowatt Pvt Ltd and will offer a range of power solutions to customers by capitalising on growth across industry verticals, including oil & gas, nuclear and thermal power, data centres, government and engineering.
“Last year we crossed a turnover of Rs 200 crore and we will strive to become India's premier electronics company and be a force with India and exports power electronics market, with a target of achieving a turnover of Rs 600 crore in three years,” Consul Consolidated MD and CEO Sriram Ramakrishnan said.
Consul Consolidated is backed by India-centric private equity firm Peepul Capital, which holds majority stake in the company having invested in tranches starting in early 2012.
Venkat Shankar, investment director Peepul Capital and director, Consul, said, “We saw a great platform and a strong team that was waiting to seize the market opportunity when we first invested into Consul. In very challenging conditions, the team has been able to set a scorching growth pace.”
Founded by N Ramesh Sankaran, KN Raja, K Sunder and NP Krishnan, Consul Consolidated currently operates two manufacturing facilities located in Chennai and Pune.
The company had also acquired Pune-based UPS, inverter and solar power product manufacturer Megatech, last year.
Consul will leverage Neowatt’s power electronics product development capability and consolidate the R&D efforts with its own DSIR (Department of Scientific and Industrial Research)-approved R&D facility in Pune to develop power conditioning and power backup solutions.
With this merger, Consul will have access to a range of power electronics products like IGBT rectifier, three-phase UPS systems from 10 to 800 KVA, solar inverters with net metering and grid export options, active filters, static transfer switches and industrial single phase and three phase UPS and inverters to complement its existing power backup and power conditioning offerings.
Shivaji Waghmare, MD & CTO, Neowatt, said, “Consul has one of India’s largest sales and service network with direct sales and service personnel in 75 locations pan India. This provides a perfect platform and synergy to market our products to their extensive base of over 10,000 business customers across various industries.”
(Edited by Joby Puthuparampil Johnson)