India’s Numeric Power Systems has sold its UPS business to Indo Asian Electric, a unit of French electrical equipment company Legrand, for 8.37 billion rupees ($163 million).
The sale will include the electronic equipment manufacturer’s overseas subsidiaries in Sri Lanka and Singapore. The acquisition follows Legrand’s recent spree of buying of UPS companies, which includes manufacturers in Italy, Turkey and Brazil. India is proving an attractive prospect for UPS acquisitions; last year, Luminous was bought by Schneider Electric.
Chennai-based Numeric Power has a 20% market share in India.The Numeric Power deal gives Legrand access to a $600 million market in India that is growing at 15% annually, driven by the healthcare and financial segments.
It is estimated that Numeric has installed UPS systems in more than 75% of ATMs in India, said an industry expert. R Chellapan, managing director of Numeric Power, said Legrand is major player in turnkey projects and all its UPS requirements from now will be met by Numeric.
“The teams can work together and put more products on catalogue and sell more,” he said. “Numeric will also have the opportunity to cross-sell switchgears. Numeric also gets a global platform,” he said. Justifying his exit from the UPS business that gave 90% of Numeric’s revenues, Chellapan said he wants to focus on the ‘fast-developing’ solar and non-UPS businesses.
