CLSA Capital Partners, a private equity arm of France's Credit Agricole , has agreed to invest $20.3 million in an Indian firm which makes inverters and other power supply systems, CLSA said in a statement on Monday.
CSLA ARIA Investment Partners III and CLSA Clean Resources Asia, two funds within the private equity arm, would invest in the New-Delhi-based Luminous Power Technologies for an undisclosed stake.
Equipment such as inverters, which ensure uninterrupted power supplies, are in great demand in India as it faces acute power shortages, with some cities facing daily power cuts of up to 8 hours.
“Increased demand and dwindling supplies of electricity in India have created opportunities for companies which provide consumers reliable alternative power systems to establish strong market positions,” CLSA said.
CLSA's statement did not say what size stake the fund was taking in the Indian company
CLSA said it was AIRA'S seventh investment in India.
Source : Reuters