Luminous Power Technologies sale plans put on hold

Schneider Electric India’s efforts to sell Luminous Power Technologies have fallen through after almost six months of negotiations as a shift away from lead-acid batteries moderated the interest levels of potential buyers, said people aware of the developments.

Binding offers from Blackstone and Apollo Global Management, two of the world’s biggest buyout funds, submitted last month, were not up to the seller’s expectations, they said. While Schneider Electric expected an offer of about ₹3,500 crore, the bidders were ready to pay ₹2,500-2,700 crore, one person said.

“The bids were way below what the company expected and they have decided to wait for favourable conditions,” said another person with knowledge of the company’s plans.


Vipul Sabharwal, MD of Luminous Power, did not respond to emailed queries. Spokespersons of Apollo Global and Blackstone declined to comment.

ET was the first to report the proposed deal on November 25 last year.

The French group’s decision to sell the India business was part of a global portfolio realignment to exit non-core, consumer-centric businesses.