Electrical and lighting products maker Havells India has acquired Standard Electricals, a privately-owned promoter group firm engaged in electrical products for around Rs 120 crore. Standard Electricals will operate as a separate subsidiary of Havells India to maintain its brand identity, a company executive said.
Anil Gupta joint managing director at Havells India said: â€œThe acquisition is being done to generate efficiency and is EPS accretive. As part of the transaction, the promoters (QRG group) will get additional 3.7% stake in Havells.â€ The promoters currently hold 60% stake in public-listed Havells.
Standard Electricals employs around 180 people across India and has a dealer network of 300. It operates an electrical products plant in Haridwar and is expected to close the current fiscal with revenues of Rs 100 crore.
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