Nashik-based Rishabh Instruments Pvt Ltd has acquired 85 per cent stake in Poland-based Lumel S.A. for an undisclosed sum. The acquisition will give Rishabh a platform to expand into the European markets and also increase its product offerings by bringing Lumel’s products into India and other Asian markets where it operates.
Lodha Capital Markets acted as the sole financial advisor to Rishabh on this deal.
Rishabh Instruments is engaged in manufacturing, designing and developing test and measuring instruments, as well as industrial control products. Some of its key clients include ABB, Alstom, Areva, Crompton Greaves, Schneider, Siemens and Larsen & Toubro. Its product range features insulation tester, power analyser, process calibrator, earth tester, current clamp, analogue and digital panel meters, multifunction meter, electrical transducer, signal isolator, protective trip relay, energy meter and process indicator.
Established in Zielona Gora in Poland, Lumel S.A. is owned by the Polish State Treasury and has more than 570 employees on board. The company manufactures industrial automation systems and high-pressure castings.
“We see a lot of synergies in technology, markets, product development and sourcing. Rishabh and Lumel will share their technologies, markets, R&D capabilities and technical know-how, thereby enhancing the value proposition for both the companies,” said Narendra Goliya, founder and managing director of Rishabh Instruments.
The company was established by Goliya, who is an electrical engineer from IIT, Powai, and did his Master’s in Microelectronics from Stanford University. He has 35 years of experience in the instrumentation industry.