Numeric Power Systems today said its UPS division business has been acquired by French firm Legrand.
The board of directors has approved Legrand’s offer for the purchase of the firm’s UPS division,Numeric Power Systems Ltd Chairman R Veeramani said.
“The board will be recommending a special dividend to shareholders out of the proceeds of the sales of the UPS business,” he said.
The listed company will continue to operate its other existing business,comprising of Alloy Steel foundry,iron foundry and complete solar solutions,he said in a statement.
The price consideration as regards the transfer is Rs 806.44 crore for the UPS division in India and its Sri Lankan subsidiary and another USD 4.5 million for the Singapore arm,R Chellappan,Managing Director of Numeric Systems,said.
Chellappan added that the acquisition included branding,trademark and Intellectual Property (IP) rights.
Yves Martinez,Managing Director,Legrand India said,it was his company’s objective that Numeric,Legrand and Indo-Asian switchgear (a July,2010 acquisition) will keep their current network,product catalogue,teams and commercial terms to develop fast on their own.