Schneider Electric, a French electrical equipment major, has acquired Bangalore-based Conzerv Systems. an energy management firm. Conzerv, formerly known as Enercon Systems, has been backed by Indus Venture Management, one of the first venture capital firms in India.
Conzerv is said to be the market leader in energy efficiency in India, serving both industrial and commercial end-users. The company has revenues of Rs 70 crore and clients in overseas markets like UAE, Thailand, Indonesia, Philippines, besides India. Some of its clients include Reliance Industries, Infosys, Tata Steel, Hyundai Motor India, Grasim Industries, etc.
“We are very excited as the combination of products, technologies, channels, markets, and above all talent will transform us into a formidable force in the energy efficiency arena in India and further accelerate our development in this area,” said Russell Stocker, Executive Vice-President of Schneider Electric’s Asia-Pacific operating division.
Conzerv was formed in late 1980’s and is run by a couple – Hema and Ashok Hattangady. It raised venture capital funding in mid-1990’s from Indus Ventures, promoted by former Hindustan Lever chairman T Thomas.
Indus was set up in 1990, and has raised couple of venture funds. “Teaming up with Schneider Electric will help us to complete our India vision and expand the reach of our offer by leveraging Schneider Electric’s presence across the globe,” said Hema Hattangady, Vice Chairman & CEO, Conzerv.