According to reports, NTL Electronics India today said it has formed an equal joint venture with the Netherlands- based Lemnis Lighting to produce LED lights for both home and commercial purpose.
“The new 50:50 JV company, which will be jointly controlled through offices in Barneveld, Netherlands and Noida, India, will also have sales offices in South Africa and Ghana,” NTL Electronics India said in a statement.
The two companies will put in an initial investment of around Rs 40 crore into the JV, it added.
The JV firm — NTL Lemnis — will utilise the global design, production and distribution strengths of both the parent companies to deliver products for home and commercial lighting across the world.
The new entity will primarily focus on Europe, Africa and India, the statement said.
The first NTL Lemnis concepts will be showcased at the Frankfurt Lighting Exhibition in April 2012 and the first product will be available in India within this year, it added.
The JV will look at producing the complete range of energy efficient LED lighting products under the umbrella of the Lemnis brand — Pharox.
Commenting on the development, NTL Electronics India Managing Director Arun Gupta said: “We are happy to be partnering with the global leaders in energy efficient lighting, Lemnis. With this cooperation we are looking at speeding up the penetration of LEDs in India.”
Both the partners have already been working closely together for several years. They have made bulk sales of LED bulbs for over two million units in the last 6 months, the statement said.