Havells India, the country’s leading makers of branded electrical products, has acquired the consumer durable business (CDB) of Lloyd Electric and Engineering for an enterprise value of Rs 1,600 crore. The company will fund the transaction with internal resources and Rs 600-800 crore of debt. The deal is expected to close in two months.
The company has signed an agreement with Lloyd Electrical and Engineering and Fedders Lloyd Corporation to buy the Lloyd brand and the consumer durable business that is engaged in sourcing, assembling, marketing and distribution of consumer durables including air-conditioners, TVs, washing machines and other household appliances.
Lloyd is the third largest player in the room AC segment after Voltas and LG.
Havells India is the country’s leading Fast Moving Electrical Goods (FMEG) manufacturer, producing a wide range of world class industrial and consumer electrical products. The Company works in step with the Make in India initiative and has an extensive production and distribution network across India and the world.