Dalelorenzo's GDI Blog
5Apr/210

Apollo, Blackstone to put in final bids for Luminous

Blackstone and Apollo Global Management, two of the world’s biggest buyout monies, are set to submit binding offers to buy Luminous Power Technology from French group Schneider Electric on Tuesday, the guaranteed deadline, people aware of the developments said.Schneider is selling Luminous, a make of inverters and industrial batteries that it acquired ten years ago, as one of the purposes of a world-wide portfolio realignment to depart non-core, consumer-centric transactions. The divestment of Luminous comes in the face of rising usage of lithium-ion artilleries and a reduced need for inverters as superpower availability improves in the country. 8164340 7The modifying business worlds might further chill the [?] 3,500 -4, 000 -crore valuation aimed, some analysts and buyers said. ET was the first to report on November 25 Schneider’s plan to sell the business. It had acquired 74% of the business for [?] 1,400 crore from the New Delhi-based SAR Group and had mandated Citi last year to find a buyer.ET too reported in its January 25 edition that three funds had been shortlisted to buy Luminous. Earlier, potential suitors had included Tata Group company Voltas and Hyderabad-based Amara Raja Battery and even Bain Capital. Most of them opted out, though some belief Bain Capital might still make a last-minute attempt. Blackstone and Luminous representatives declined to comment. Spokespeople for Apollo, Bain and Citi did not respond to emailed queries.Luminous renders guide acid-based industrial artilleries and oversight matters 30% of the [?] 7,500 crore ($ 1 billion) artillery inverter sell in India, rivalling with Exide Industry and Microtek , amongst other. What got the funds interested in the company was its fulcrum towards consumer electricals and appliances.Last month, it started fixing energy-efficient supporters, targeting [?] 500 crore in income from the overall followers category by 2023 and a 5% market share within two years. The busines said it expects 15% of its revenue from ceiling devotees be derived from the energy-saving category.The company has seven manufacturing legions, more than 28 sales offices in India and a proximity in over 36 countries, with more than 60,000 channel partners. Shining affixed a profit of [?] 141 crore on receipt of [?] 3,642 crore in FY20.

Read more: economictimes.indiatimes.com

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