India’s Luminous Power Technologies said it’s on the lookout for domestic acquisitions to increase its market share, and has as much as Rs 300 crore ($62 million) to spend, according to the Press Trust of India.
The company makes home solar inverters, uninterruptible power supply (UPS) systems, batteries and other renewable energy products. Founded in 1988, Luminous markets its products in more than 32 countries.
"We have recently acquired a majority stake in Delhi-based UPS manufacturer Tritronics India, and we are looking for more acquisitions in the domestic market," Rakesh Malhotra, Luminous Power Technologies founder told PTI.
Last week, Luminous, with technology centers in India, the United States and China, made its second acquisition of the year in Tritronics India for an undisclosed amount (see BRIC’s eyes on hydro as sector draws $600M).Tritronics works in the power back-up business, selling UPS systems on-line and also manufacturing inverters and power conditioning products.
Luminous also purchased a majority stake, at 87.5 percent, in UD Energy Systems in February 2009.
According to PTI, Luminous has already appointed a consultant for its additional acquisition endeavors and is looking for small- to mid-sized firms that could offer value addition in terms of products or clients. The company is reportedly looking for acquisitions in India, but might also consider firms in Europe and North America.
Luminous, which raised $20.3 million from CLSA Capital Partners in 2007, brought in $110 million in revenue in 2007-08, building a $5 million factory for power inverter manufacturing during the same time period. The company has revenue projections for 2008-09 of $190 million, and $300 million for 2009-10.
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