Havells India To Sell 80 Per Cent Stake In Sylvania
Havells India announced on Thursday that it has sold 80 per cent stake in Sylvania Malta, and Havells Exim Hong Kong to Shanghai Feilo Acoustics for Rs 1,340 crore. Havells had invested Rs 980 crore in both the subsidiaries.
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Havells India announced on Thursday (10 December) that it has sold 80 per cent stake in Sylvania Malta, and Havells Exim Hong Kong to Shanghai Feilo Acoustics for Rs 1,340 crore. Havells had invested Rs 980 crore in both the subsidiaries.
The equity value of Havells Sylvania, under the deal is 186 million euro equivalent to Rs 1,340 core. Havells will receive Rs 1,072 crore on the completion of the deal by February 2016. Havells will sell balance 20 per cent stake in the next 3-5 years.
“Havells Group has successfully contributed to develop Sylvania into an entrepreneurial organization with a global objective and local execution empowerment. Havells is proud of its management team, employees and workers who have enthusiastically participated in development of a unified objective of being a healthy, respected and profitable Sylvania,” said Anil Rai Gupta, Director of Havells Holding said.
Zhuang Shenan, president of Shanghai Feilo Acoustics Limited, said, “Feilo is proud to partner with Sylvania to create a world leading lighting brand. Feilo would contribute to Sylvania through a wide portfolio of competitive LED products. It would widen and deepen the local product offering providing additional growth and profitability avenues. Feilo proposes to utilize local manufacturing facilities through creation of additional business opportunities. We recognize the immense potential of Sylvania teams in each of its local markets and are keen to support them with our product, technology and project capabilities.”