Online edition of India's National Newspaper
Wednesday, Mar 14, 2007
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Online edition of India's National Newspaper Wednesday, Mar 14, 2007 ePaper |
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NEW DELHI: Havell's India on Tuesday said it had acquired the SLI Sylvania's lighting business for $300 million (about Rs. 1,350 crore), the biggest overseas takeover by an Indian electrical equipment manufacturer. "We have acquired the Sylvania's lighting business through our Dutch subsidiary — Havell's Netherlands BV... The combined revenues are expected to be $1 billion,'' Havell's Joint Managing Director Anil Gupta told reporters here. The subsidiary would raise a debt of $265 million from Barclays Bank to fund the deal. Havell's shares jumped up by 6.8 per cent to Rs. 476.20 in intra-day trading on the Bombay Stock Exchange. "The takeover would give us access to all the key markets in Europe, Latin America and Africa where Sylvania has a stronghold. Post-acquisition, we would target emerging markets in North Africa and Asia,'' Mr. Gupta said. The company would get access to all of Sylvania's markets across the world except Mexico, the U.S., Australia and New Zealand where the business is owned by Osram. The transaction is expected to be completed in April-May. — PTI
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