Monday, February 12, 2007

Havell’s may buy UK lighting company for Rs. 1000 crores

Electrical and lighting products firm Havell’s India is close to buying a UK-based lighting products company for Rs. 1100 crores. The British company has revenues of more than $400 mn and has manufacturing assets in Latin America. This will be the largest overseas acquisition by an Indian company in the electrical products space. The deal will include the brand and other assets of the UK company; the name of the company has not been disclosed. Havell’s would raise up to Rs. 675 crores through qualified institutional placement. Some of the funds raised would be used, along with debt, to finance the acquisition. This will be Havell’s first overseas acquisition. The acquisition will more than double Havell’s size to a Rs. 3000 crore-company and would give it significant presence outside India.

Read the article in The Economic Times.

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