Luminous power scouting for buys

New Delhi
The Economic Times (Delhi edition)
Luminous Power Technologies is looking for acquisitions in the domestic market to increase its market share and has earmarked a budget of up to Rs 300 crore for the purpose. “We have recently acquired a majority stake in Delhi- based UPS manufacturer Tritonics India and we are looking for more acquisitions in the domestic market,” Luminous Power Technologies founder Rakesh Malhotra said.

The company has already appointed a consultant for the purpose. It is looking for small and mid-sized firms which could provide some value addition in terms of products or clients, Malhotra said. On the size of the acquisitions, he said the company has earmarked a budget of up to Rs 300 crore for the purpose and the probable size could be anywhere between Rs 60-300 crore, which could be met through internal accruals. Besides, the company is in the process of setting up a battery manufacturing unit in Himachal Pradesh with an investment of Rs 200 crore.