Havells Sylvania To Be Sold To Chinese
According to the Economic Times of India, Havells India, a maker of lighting and electrical products, has decided to sell an 80% stake in European lighting systems and fixtures company Sylvania. The sale to Shanghai Feilo Acoustics Co Limited, one of the leading listed companies with a key shareholding held by Inesa Limited, a State Owned Enterprise (SoE) of the Shanghai Government, will further strengthen Chinese inroads into the European lighting market.
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 and will sell the balance of their 20% stake in the next 3-5 years.Interestingly, neither the Havells India or Havells Sylvania websites are running the story or have press releases posted.
By Julie Allen