According to reports, Havells India has formed an equal joint venture with Shanghai Yaming Lighting Co in China to sell energy-efficient lighting products in China as well as India, Europe and Latin America.
The partners will together invest $50 million in Jiangsu Havells Sylvania Lighting Co, which will have a manufacturing plant at China’s Jiangsu Province to make energy-efficient lamps, lighting fixtures and high intensity discharge lamps used in road and shop lighting.
The venture is expected to clock a turnover of $100 million after the first three years of operations.
QR Gupta, CMD of Havells India, said the venture will help the group’s global lighting subsidiary Havells Sylvania, which operates in more than 40 countries and owns brands such as Sylvania, Concord and Luminance.
With a turnover of $1.2-billion (about 6,300-crore), Havells India is one of the largest electrical and power distribution equipment companies in the country.
Shanghai Yaming Lighting, established in 1923, makes all kinds of lamps including incandescent lamps and fluorescent tube lamps. The company is listed on Shanghai stock exchange and has a market cap of $750 million.