EnerSys, an international player in stored energy solutions for industrial applications, has acquired the remaining shares in the Indian joint venture company Energy Leader Batteries India Pvt Ltd for an undisclosed amount, the company said in a release.
Energy Leader Batteries is a manufacturer of a range of industrial batteries serving both reserve power and motive power customers in India. Incorporated in 2007, Hyderabad-based Energy Leader Batteries India manufactures valve-regulated-lead acid batteries for industrial applications. It markets its products under the brand name 'Energy Leader'.
In March 2012, EnerSys had acquired 50.5 per cent stake in the firm. The minority partner in Energy Leader Batteries India had the option to require the redemption of the shares owned by them, which if exercised, would have make EnerSys the sole owner of these entities.
"This transaction, in addition to our recently completed transactions, meaningfully expands the addressable markets for our products in South Asia," said John D. Craig, chairman, president and chief executive officer of EnerSys.
"The continued rapid growth of the Indian markets provides exciting opportunities for EnerSys. Our joint venture provided a solid platform to establish our business in India, and the completion of the acquisition of the remaining ownership interest provides us the opportunity to accelerate our regional growth strategy," said Mark Tough, president of EnerSys Asia.
Akasam Consulting Pvt Ltd acted as the sole advisor for Energy Leader Batteries.
EnerSys manufactures and distributes reserve power and motive power batteries, chargers, power equipment, and battery accessories to customers worldwide. The company also provides aftermarket and customer support services to its customers from over 100 countries through its sales and manufacturing locations around the world.
