Electrical equipment majors, Numeric Power Systems Ltd. and Legrand Group announced that both the parties have signed definitive agreements whereby Legrand Group will acquire the UPS division of Numeric Power Systems Ltd. The association which is subject to customary statutory & regulatory approvals has already been recommended unanimously by the Board of Directors of Numeric Power Systems Ltd.
Mr. R. Veeramani, Chairman, Numeric Power Systems Limited, said, "The board of Directors has approved Legrand’s offer for the purchase of the UPS division of Numeric Power Systems. The Iisted Indian Company will continue to operate its other existing business comprising of Alloy Steel Foundry, Iron Foundry, complete Solar (SPV) solutions in the areas of Roof top and EPC solutions where it plans to continue to pursue exciting business opportunities in India and overseas. The Board will be recommending a special dividend to the shareholders out of the proceeds of the sale of the UPS business."
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