CCI clears Schneider Electric-Luminous Power deal

The Competition Commission has approved French firm Schneider Electric's proposed purchase of the remaining 26 per cent in power backup solutions provider Luminous. In 2011, Schneider Electric had acquired 74 per cent of Luminous Power Technologies (LPT) for a total consideration of Rs 1,400 crore. Competition Commission of India (CCI), which keeps a tab on unfair business ways, has approved the deal to acquire the remaining stake, as per the regulator's website. As per a filing to the watchdog, the French firm would acquire 26 per cent shares of LPT presently held by the founder shareholders, resulting in their exit and Schneider acquiring sole control of the company. LPT, a joint venture, is engaged in the business of manufacturing home electrical devices and equipment. The founder shareholders are Rakesh Malhotra, Nirupama Malhotra, Om Prakash Kapoor and Navneet Kapoor and they would be selling their stake in LPT.