MUMBAI: Schneider Electric is buying Singaporean investor Temasek’s 35% share in its India unit for 5.5 billion euros or Rs 55,578 crore, giving the French electrical equipment major full ownership of its local unit.Seven years ago, Schneider bought the electrical and automation business from L&T for Rs 14,000 crore and then combined it with its own Indian low voltage and industrial automation products business. Temasek took a 35% stake in this combined firm – Schneider Electric India. The French major said gaining full ownership of Schneider Electric India will speed up decisions in its third-largest market.Calling the share purchase of Temasek a “logical next step” in its investment focus on India, Schneider said it sees India as both an attractive market for growth and a key hub in its multi-hub strategy. Schneider Electric India saw strong revenue and margin gains since the French major acquired L&T’s electrical and automation business.For 2024, Schneider Electric India reported a revenue of 1.8 billion euros, or Rs 18,189 crore, including sales sent abroad. The French major’s leaders expect Schneider Electric India’s sales to grow double digits on a compound annual rate basis over the coming years.India is one of the four global hubs for Schneider, hosting 31 factories and employing 38,000 people. Schneider plans to expand its production capacity in India by 2.5 to 3 times. The French company’s total sales in India reached 2.5 billion euros, or Rs 25,263 crore in 2024, representing 7% of its worldwide earnings.