Luminous India mulls IPO

Makers of inverters, appliances and batteries, Luminous India — a part of the SAR Group — is mulling an initial public offer (IPO). The company, which recently touched a turnover of Rs 1,000 crore, plans to do so by next year, says Rakesh Malhotra, founder and chief executive officer of the SAR Group.

“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. Luminous has around 1,000 distributors across the country.

The SAR Group had, in the past, announced its foray into the telecom market with the launch of handsets under the name Wynncom and plans to launch the product in the market this month. For the time being, manufacturing will be taking place at the company’s unit in China, for which they have tied up with Gree, a local electrical appliances major.