Peepul sells Indian UPS maker to Fuji
Peepul Capital has agreed to sell its entire stake in Consul Neowatt Power Solutions (CNPS), a maker of uninterruptible power supplies (UPS) based in India, to Japan's Fuji Electric.
Fuji is acquiring a 100% stake in CNPS in order to expand its power electronics systems business in India, according to a statement. Financial terms of the transaction have not been disclosed, but Indian media outlets have reported the value to be around INR7.2 billion ($103 million).
CNPS is India’s leading manufacturer of UPS systems, which provide a steady supply of electricity to sensitive equipment that can be damaged by outages or current fluctuations. The company has two factories with 810 employees, and primarily serves corporate clients in sectors including manufacturing, healthcare, and social infrastructure.
Fuji plans to leverage CNPS’ network of sales and service centers across India, targeting the manufacturing and data center industries where an unreliable power supply can lead to major loss of productivity. CNPS’ experience designing hardware suited to India’s hot and humid climate is seen as highly complementary to Fuji’s expertise in energy efficiency.
Peepul acquired an undisclosed stake in Consul Consolidated, the predecessor to CNPS, in 2012 for $15 million, investing via its third fund that closed at $360 million in 2010. Consul was founded in 1981 in Chennai and merged with Pune-based Neowatt Energy in 2014. The company recorded INR4.4 billion in revenue for the year ended March 2019.
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