Schneider in talks to buy Luminous for $800M
Schneider Electric is in talks to take control of privately held Indian power and energy storage company Luminous Power Technologies.
The Economic Times reported on April 1 that Schneider was in advanced talks to buy a majority stake in the Delhi-based group. The Economic Times quoted Luminous founder and Chief Executive Rakesh Malhotra as saying that several strategic partners, including Schneider, had shown interest in a majority stake.
Schneider, which makes electricity cables and distribution equipment, declined to comment on Luminous on Tuesday.
Luminous, whose clients include steelmaker Tata Steel, telecom group Bharti Airtel and carmaker Maruti Suzuki, almost doubled sales to $250 million in the 2010 fiscal year and is forecasting sales will double again in 2011 to $500 million, according to its website.
- Edited by Gust Gianos, Consulting-Specifying Engineer, www.csemag.com
- Events & Awards
- Magazine Archives
- Oil & Gas Engineering
- Salary Survey
- Digital Reports
Annual Salary Survey
Before the calendar turned, 2016 already had the makings of a pivotal year for manufacturing, and for the world.
There were the big events for the year, including the United States as Partner Country at Hannover Messe in April and the 2016 International Manufacturing Technology Show in Chicago in September. There's also the matter of the U.S. presidential elections in November, which promise to shape policy in manufacturing for years to come.
But the year started with global economic turmoil, as a slowdown in Chinese manufacturing triggered a worldwide stock hiccup that sent values plummeting. The continued plunge in world oil prices has resulted in a slowdown in exploration and, by extension, the manufacture of exploration equipment.
Read more: 2015 Salary Survey