Peepul Capital backed Consul Consolidated Pvt Ltd, a Chennai-based
manufacturer of UPS systems and voltage stabilisers, announced its merger
with
Pune-based Neowatt Energy Solutions.
The merger will create India’s only full-range power electronics company
offering products and solutions in power conditioning, power backup, solar,
energy conservers.
The combined entity, Consul Neowatt Pvt Ltd, will now offer a range of
power
solutions to customers by capitalising on growth across industry verticals
including oil & gas, nuclear and thermal power, data centres,
government,
engineering.
Post merger, Neowatt promoters would hold shares in Consul, while
Peepul has
a substantial majority shareholding in Consul. Officials of the company did not
reveal the shareholding pattern of each of these stakeholders.
Sriram Ramakrishnan, MD and CEO, Consul Consolidated, said, “With
Neowatt, we
will be the only company in India to have a comprehensive range of power
systems”.
The new entity is now targeting a turnover of Rs 600 crore in the next
three
years. Last year, Consul’s turnover crossed Rs 200-crore.
Peepul Capital has so far invested around Rs 100 crore starting from
2012 in
Consul. Peepul would continue to invest in accordance with its three-year
target.
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