The $15.5-billion American major Emerson Electric on 11 September 2001 acquired Tata Group's stake in Tata Liebert Ltd. The Tatas had a 50 per cent stake in the company, the rest owned by Liebert Corporation, whose parent company is Emerson.
With this Rs 76-crore deal, the new company will be known as Emerson Network Power India. The Tata's original investment in the joint venture, which was formed in 1993, was Rs 4.5 crore. The company plans to restructure its business and introduce new products and solutions that are part of Emerson's portfolio, through the company.
Tata Power Company Limited managing director Adi Engineer said his group's decision to exit from the joint venture followed the company's plans to concentrate on the energy business, including electricity generation and distribution.
Liebert vice-president (Asia-Pacific) C Gene Hayden said the Emerson network will provide engineering products and services, including uninterrupted power supply systems, climate, environmental and DC power systems.