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Havells completes Lloyd Consumer acquisition

The acquisition marks Havells's foray into the consumer durables industry currently estimated at $15 billion

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Fast moving electrical goods (FMEG) company Havells has completed the acquisition of Lloyd Consumer Durable Business Division (at an enterprise value of Rs 1,600 crore on a debt-free, cash-free basis. The transaction is being financed internally through a mix of internal accruals and cash balances, the company said in a statement.

Anil Rai Gupta, chairman and managing director, Havells India, said, "The acquisition will help us to gain a foothold in the high-growth consumer durable segment with wider product range."

The acquisition marks Havells's foray into the consumer durables industry currently estimated at $15 billion and growing in double digits with low penetration levels, increasing urbanisation, aspirational and expanding middle-class.

As part of the deal, Havells has acquired the consumer business infrastructure, people, distribution network including and not limited to absolute, exclusive ownership and right to all intellectual property of brand Lloyd, logo, trademark, goodwill and attendant rights.

Lloyd has, over the last decade, built a brand, distribution and service network to provide a comprehensive experience to its consumers. It is among the top three brands in air-conditioners' category with a well-entrenched national network in Tier I and II cities. The brand has expanded into TVs and washing machines as well.

Havells enjoys presence across India with a range of products under brands like Havells, Crabtree and Standard. The company has 43 branch offices, an employee base of over 4,000 professionals and 11 state-of-the-art manufacturing units.

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