Scheider Electric buys 74% stake in Luminous Power

French firm Schneider Electric on Tuesday said it will invest Rs 1,400 crore to acquire a 74 per cent stake in India's Luminous Power Technologies Private Ltd, which is engaged in providing inverters, UPS and power storage systems for homes and small and medium-sized businesses.

"Schneider Electric acquires 74 per cent of Luminous Power Technologies to secure a position in India's inverter and power market. The purchase price for 74 per cent of the shares is Rs 1,400 crore," a company statement said.

Luminous employs approximately 3,000 people in eight different industrial sites in India and one in China. It generated revenues of Rs 1,100 crore for the financial year ended March 31, it said.