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Private Equity firm Warburg Pincus is picking up an 11.2% stake in electrical and power distribution company, Havells India, for $110 million. Havells is raising funds to retire a part of the debt taken to finance the $300-million acquisition of Dutch lighting company, SLI Sylvania, early this year as also for capital expenditure for its Indian operations. The acquisition of SLI Sylvania was funded through a $260-million debt, of which $160 million was raised by the Dutch firm and $100 million by Havells. Of the $100-million raised by the Indian company, $65 million represented short-term debt, which will be retired through this private placement to Warburg Pincus. The remaining funds being raised will be used for expanding its capacity.

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