Havells expands into China through joint venture with Shanghai Yaming
26 Dec 2011
Lighting and consumer electric products manufacturer Havells India Ltd has entered into a joint venture with Shanghai Yaming Lighting Co Ltd, a leading lighting company in China, for setting up a manufacturing unit in Jiangsu Province of China.
The JV, named Jiangsu Havells Sylvania Lighting Co Ltd, involving investment of $50 million, targets an annual turnover of $100 million over the next three years.
The joint venture would increasingly focus on launching energy efficient and green lighting solutions, including but not limited to, LEDs, CMI, HID and lighting fixtures, Havells said in a filing with the Bombay Stock Exchange Ltd (BSE).
Havellis, a $1.2-billion enterprise and one of India's fastest growing electrical and power distribution equipment company, will take 50 per cent in the JV while Shanghai Yaming Lighting Co Ltd, a listed company on the Shanghai Stock Exchange in China, will hold the other 50 per cent stake.
The JV would leverage on technology and manufacturing strengths of its partners, providing energy and cost efficient products for global Sylvania and local China markets, the company said in its filing.