Luminous to invest Rs 200 crore this year, mulls IPO
Luminous Power Technologies, the diversified invertors and batteries firm, said that they are planning to invest around Rs 200 crore this year to expand its product lines. With the addition of new product lines, the company expects to achieve a turnover of around Rs 1,500 crore next year from around Rs 1,000 crore this year.
Our turnover this year has grown with a compounded rate of around 50 per cent over the last year, founder and COO, Luminous, Rakesh Malhotra said.
The company, which is a part of the SARS group, plans to diversify into mobile handsets, and expand its existing wind turbines and telecom towers business. The handsets will be launched under the brand name `Wynncom’ by the end of this month and priced around Rs 5,000. The company would also launch smart phones in the price range of around Rs10,000, by October-November this year. The company will manufacture the products its unit in China in association Gree, a local electrical appliances major.
The company is also planning to come up with an IPO by next year. We want to expand the company, for which we need capital inflows. Therefore, we are in the finalising stages with our stakeholders for the IPO, says Malhotra.
Earlier this month, the company had signed in India’s iconic batsman Sachin Tendulkar as the brand ambassador of Luminous Power.
Over the last 20 years, Luminous Power has emerged as a leader in its field not only in India but in 35 countries including Asia, Africa and the Middle East.
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