Havells to sell remaining 20% in Sylvania, exit global market
Consumer electricals firm Havells India would exit from the global market by selling remaining 20 per cent stake in its European lighting business Sylvania to China's Feilo Acoustics for 34.5 million euros (Rs 241.94 crore).
Havells Holding Ltd (HHL), a subsidiary of Havells, would transfer the remaining 20 per cent stake in Fielo Malta Ltd to Shanghai-based Feilo Acoustics. Besides, HHL, through its subsidiary Havells International Ltd, would transfer 100 per cent stake in Havells Sylvania Thailand Ltd to Felio for 1.6 million euro (Rs 11.21 crore).
However, it would receive net proceeds of 27.1 million euoro (around Rs 190 crore) as HHL would proceed for closure of its remaining international operations which is expected to incur around 9 million euro (around Rs 63 crore).
"The board gave its consent to the proposed transaction.
The transaction is expected to close in the next 120 days. The company would receive net proceeds of 27.1 million euro from this agreement," the company said in a regulatory filing.