India Inc:
India’s major electrical equipment company, Havells India Limited, is planning to acquire companies in China and Africa with an investment target between $50 million and $200 million, raised through internal accruals.The acquisition will help Havells strengthen its overseas operation as it also expands in Turkey, Russia, Indonesia and Malaysia, where it has set up offices.
Last year, Havells India formed a 50:50 JV with Shanghai Yaming Lighting Company to set up a manufacturing facility in the Jiangsu province of China. The JV, Jiangsu Havells Sylvania Lighting Co. Ltd, will invest up to $100 million in the next three years.
Noida-based Havells India is an electrical and power distribution equipment manufacturer whose business is divided into four verticals – cables and wires, lighting and fixtures, electrical consumer durables (fans) and switchgears.
The company has 10 manufacturing facilities in India across various locations and also has seven overseas manufacturing plants in Europe, the Middle East and Latin American regions.
It owns brands such as Crabtree, Concord and Sylvania, which it acquired in Europe back in 2007 for €230 million.
Havells India joint managing director Anil Gupta said: “We are open for any strategic acquisition in those locations, such as China and Africa, where we are not present now.
"At present, 90 per cent of our exports revenue comes from the Western Europe nations. We now want to focus on Eastern Europe too. We have recently opened our offices in Turkey and Russia. We will focus to establish our brands in these markets.”
