Havells India to receive 26 million Euro from its investment in Havells Holdings
Havells India announced that its wholly owned subsidiary, Havells Holdings (HHL) has completed the transfer of balance 20% stake in Felio Malta to Shanghai Felio Acoustics Co. for a consideration of 34.5 million Euro.Further, HHL through its subsidiary Havells International also transferred its 100% stake in Havells Sylvania Thailand to Felio for a consideration of 1.6 million Euro.
Meanwhile, HHL is also in process or plans to initiate shortly the winding up of its subsidiary in USA and Chile. HHL has also entered into a MoU to transfer its subsidiary in Brazil to a consortium of investors. The transaction is expected to close within next 2 months.
HHL expects net proceeds, after adjusting the provision of 9 million Euro, would be approximately 27 million Euro.
Havells India has initiated the process for redemption of 26 million Euro from its investment in HHL.
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