Schneider to infuse Rs 350-400 cr in Indian subsidiary Luminous Power

French multinational Schneider Electric on Friday announced plans to infuse around Rs 350-400 crore in its Indian subsidiary Luminous Power Technologies to double its manufacturing capacity and ramp up the solar business.

With these funds, Luminous will expand the capacity of its seven existing plants in the country, and set up two new manufacturing plants, generating direct employment for more than 2,000 people and supporting over 10,000 others, it said in a statement.

A significant part of the investment will be focused on Luminous Power’s solar business, its fastest-growing segment, which it expects to constitute 40 per cent of the company’s sales by 2025.