The Chennai-based Consul Consolidated, a manufacturer of UPS and voltage stabilisers, has taken a controlling stake in Megatech of Pune, to expand its product base and diversify in solar power equipment.
Addressing media persons on the company’s plans, Ramesh Sankaran, Chairman, Consul Consolidated, said the company, backed by a $25-million private equity investment from Peepul Capital, has charted out an expansion plan. Consul Consolidated has started work on a second factory in Chennai and has taken a controlling stake in Megatech, he said while declining to disclose the size of the individual investments.
balaji.ar@thehindu.co.in