UPS Service Center in Chennai | UPS Sales in Chennai | Numeric UPS Service Center in Chennai

(prHWY.com) August 2, 2012 - chennai, India -- The transaction has been done in the form of an asset sale where Bombay Stock Exchange-listed Numeric Power Systems has sold the UPS business to Legrand's wholly owned subsidiary Indo Asian Electric Pvt Ltd and the two parties have entered into a business transfer agreement. The share price of Numeric Power hit the upper circuit in early trade on Friday and reached Rs 280.25, up 20 per cent. It also reached a 52-week high of Rs 290 per share. At the current share price, Numeric Power is valued at Rs 283.05 crore, a third of the size of the deal with Legrand. In a statement to the BSE, Numeric has said that it plans to carry on other activities like green energy (solar and wind power), iron and alloy foundry production, LED lighting, etc. The deal comes after French electrical engineering and power management company Schneider Electric SA acquired 74 per cent in inverter and battery maker Luminous Power Technologies Pvt Ltd for $310 million or Rs 1,400 crore in June 2011. The current transaction between Legrand and Numeric includes the UPS business in India and Sri Lanka, besides an additional purchase of the UPS business of Numeric Singapore Pte Ltd. In FY11, Numeric reported revenues of about Rs 500 crore. The deal would help Legrand gain entry to the UPS business and access Numeric's distribution channel. Numeric is also expected to complement Legrand's position in switchgear and wiring devices under Legrand and Indo Asian brand names. The deal is subject to customary statutory and regulatory approvals. However, it has been already recommended unanimously by the board of directors of Numeric Power Systems. The listed Indian company will continue to operate its other existing businesses comprising alloy steel foundry, iron foundry and complete solar solutions in the areas of rooftop and EPC solutions where it plans to continue to pursue exciting business opportunities in India and overseas. The board will be recommending a special dividend to the shareholders out of the proceeds of the sale of the UPS business," said R. Veeramani, chairman of Numeric Power, in a statement.

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