Power conditioning and power back-up products manufacturer Consul Consolidated has entered the solar power industry by picking up a majority stake in Pune-based Megatech Power Equipments.
With this acquisition, Consul would further strengthen its business in the power electronic market, a company statement said.
Megatech is a manufacturer of solar power packs, inverters and UPS. No financial details of the transaction were disclosed.
"Megatech gives us access to a range of innovative power electronic products like off-grid solar inverters and solar power conditioning units," Company CEO Sriram Ramakrishnan said.
Consul would leverage Megatech power electronics product development capability with further investments in Research and Development, it said.
The power conditioning and backup market is set to reach Rs 10,000 crore by 2017-18, offering growth opportunities for Consul which would tap it through investments in technology among others, the statement added.