British power supply protection company Chloride Group has completed the acquisition of DB Power Electronics Pvt Ltd, a Pune-based UPS maker. Chloride has picked up an additional 41% stake in DB Power, where it already held a 49% stake. The overall cost of acquisition is around Rs 253 crore.
In the recent tranche, the 49% stake in DB has been acquired for a sum of £12.5 million, Chloride Group said in a statement. DBS has manufacturing plants in Pune and Satara, which combined could manufacture upto 600 units of UPS. DB Power also has a research and development (R&D) unit in Pune, which deals with customised products and serves approximately 250 customers.
Chloride Group had revenues of £267.6 million with a net income of £24.6 million for the year 2008. DB Power had revenues of Rs 270 crore and has a number of clients like HCL, Reliance Petroleum, Suzlon Energy, Mahindra & Mahindra, Bharati Airtel, among others .
Chloride competes U.S.-based Emerson Electric Co and France's Schneider Electric in the power protection market. These multinational firms seem to now be looking at aggressive expansion into India.
Schneider has made multiple acquisition in the Indian market in the past few months. Last week Schneider acquired Meher Capacitors, which manufactures power factor correction (PFC) capacitors. Earlier in June 2009, Schneider Electric acquired Bangalore-based Conzerv Systems in energy efficiency market.