Havells scouts for acquisition in China

The homegrown electrical equipment maker Havells India plans to acquire a company in China to secure a strong footprint in the region in the next one year, a top company official said here today.

"We are looking at inorganic growth in China. Currently, we are in the process of identifying a suitable company. The acquisition will support our expansion plans in the region," Havells India joint managing director Anil Gupta told PTI.

The company can cough up up to Rs 450 crore for a suitable acquisition in China, he said, adding funding will be through internal accruals.

Besides China, the New Delhi-based company also plans to expand its footprint in the Asean region as well as Latin America in the next fiscal. "We are planning to expand our business in Latin America and Asean countries in the next six-months. We are confident that we can look at these countries as prospective future markets for us," he said.

Recently, Havells extended its product portfolio by introducing ceramic metal halide (CMH), a new generation lighting which has a high CRI (colour rendering index) and is considered the closest substitute for natural light.