On 10 May 2016
Havells India announced that :1. Karnataka Industrial Areas Development Board has allotted land admeasuring 62.09 acres to the Company, at Vasanthanarasapura Industrial Area, Tumakuru in the state of Karnataka for establishing a Unit for manufacturing of Cable & Wire, MCB, LED, Electronics, Solar Lights at a tentative rate of Rs. 40.35 lakhs per acre.
2. The Company has entered into a non-binding MoU with M/s Pan Projects for taking on lease the land for setting up of manufacturing facility in the State of Assam to enable the Company to avail of the rebates and benefits under the policies of Government of India and Assam. The arrangement is subject to change of land use and various other government approvals.
3. With respect to the earlier communication sent to the Stock Exchanges on 4 January 2013, QRG Enterprises, one of the promoter companies, has vide an Assignment Agreement dated 9 May 2016, completed the assignment of the brand "HAVELLS" for electrical products, to the Company effective 1 April 2016.
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