Consul Consolidated Pvt. Ltd, an Indian manufacturer of UPS Systems and Voltage Stabilizers, announced today that they acquired a controlling stake in Megatech Power Equipments Ltd, a leading Solar Power Pack, Inverter and UPS manufacturer based in Pune.The addition of Megatech will allow Consul to strengthen its business in the Indian power electronics market. CONSUL was ranked as the No. 2 Power Electronics Company (PEC) in India during the recent Soft Disk (SD) 2012 awards, which is the only award for the Indian UPS (Uninterrupted Power Supply) industry.
Addressing the recent acquisition, Sriram Ramakrishnan, CEO of Consul Consolidated, explained, “Megatech gives us access to a range of innovative power electronic products like off-grid solar inverters and solar power conditioning units (PCUs) which are developed for Indian power and site conditions, tested and approved to IEC standards. Megatech has an installation base of over 2MW off-grid solar installations in India, providing us a solid reference base to offer robust solar power products to our customers across India.”
N.P. Krishnan, Promotor Director of Consul Consolidated also commented on what the acquisition means for the company, noting, “In this journey of over 30 years, we are at yet another exciting milestone now. This synergy provides a great platform to grow at a much faster pace, and be India’s leading power solutions provider. Our dream is to become an ‘Indian MNC’ in the next few years.”
Speaking for Megatech, Radhakrishnan Nair, Director and Promoter at Megatech said, “At Megatech we have always focused on developing reliable and innovative power electronic solutions like the Emergency Lift Operating System (ELOS) for providing a green, cost effective power backup alternative for elevators in high-rise buildings instead of diesel gensets. Our focus has always been on product development and recently we were recognized as a registered R&D facility by the Department of Scientific and Industrial Research, Ministry of Science and Technology, Government of India.”Consul will utilize Megatech’s power electronics product development capability along with additional investment in R&D, in order to develop it as the power electronics center of excellence for Consul. With rising problems due to power outages and quality of power delivery in India, a strong focus on product development and innovation will allow Consul to offer reliable and cost effective power conditioning and power backup solutions that are customized for Indian needs.
The power conditioning and backup market presents a huge opportunity. Current estimates, as per the recent statistics, show that the Indian power conditioning and backup market is positioned to cross 10,000 crores by 2017-18. This represents a stimulating growth opportunity that Consul will tap through investment in technology, development of manufacturing, addition of distribution channels and acquisition of companies with distinctive offerings.
Consul, with its newly launched products and solutions, will take advantage of the growing demand for power conditioning and power backup in the country. The acquisition places Consul in an advantageous position to capture the growing market potential for off-grid and on-grid solar power solutions, and to deliver a high quality and diverse portfolio of products and solutions to customers across the country.