New Delhi: Wires and cable brand RR Kabel on Wednesday said it has acquired Luminous Power’s domestic electrical business (HEB) from French engineering company Schneider.
Sharing an update about the deal, the company’s Managing Director Shrigopal Kabra said in a virtual press conference that this acquisition will further strengthen RR Kabel’s consumer electrical business, which has a portfolio of fans, lights and appliances.
The transaction is subject to closing adjustments and is expected to be completed in May this year, said RR Kabel, part of RR Global, a USD 1.25 billion conglomerate.
In 2011, Schneider acquired a 74 percent stake in Luminous Power and later in 2017, it acquired the remaining 26 percent.
When asked about the valuation of the deal, Kabra said both the companies are unlisted entities and they have decided not to disclose the amount.
The HEB from Luminous features fans and lights and will help RR Kabel to enter the premium segment of this category.
Under this category, Luminous recently introduced its range of energy-efficient star-rated premium designer fans in India.
Kabra said that as part of the deal, RR Kabel will have the right to use the Luminous brand for four years for its existing product lines of fans and lighting, under a brand licensing agreement.
Commenting on the development, Vivek Abrol, CEO, Consumer (FMED) business, RR Kabel, said that following the deal, the company is now “reorienting” its target for the segment.
“Earlier, we had planned to touch Rs 1,000 crore revenue in 3-4 years (from fan and lighting segment) and after this acquisition, it has been re-oriented. Now we are going to touch Rs 2,000 crore in 5-6 years. Targeting to reach Rs.
RR Kabel has a revenue of Rs 300 crore from the fan and light segment. It is backed by US private equity firm TPG Capital, which has invested in the company and owns a minority stake. Read also: FD Investors, Alert! Public sector bank cuts fixed deposit interest rates by 0.40%
Kabra said the total revenue of RR Kabel is around Rs 5,400 crore and the company expects to reach Rs 10,000 crore in the next two years. Read also: Bank Holidays: Banks to remain closed for 4 days from tomorrow — Check Important Dates
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