Havells India subsidiaries enter in settlement agreement with Osram Sylvania Inc & OSRAM AG

Havells India Ltd has informed BSE that its wholly owned subsidiaries, Havell's Netherlands BV and Flowil International Lighting (Holding) BV (Havells Sylvania) have entered into a settlement agreement with Osram Sylvania Inc and OSRAM AG. The Settlement has confirmed and clarified the jurisdictional ownership of the Sylvania brand. Osram Sylvania Inc. owns the Sylvania trademark in the US, Puerto Rico, Canada and Mexico, and Havells Sylvania owns the trademark in the rest of the world.Further, both Parties will be entitled to manufacture and brand products in each other's territories, provided the products are destined for sale in their own territories. The Parties also agreed to withdraw all pending litigations in various jurisdictions and intend to collaborate with each other to strengthen the brand in their respective territories. In light of the allocation of rights, Havells Sylvania will receive a one-time fee of US $ 38 million.The Parties are satisfied with the settlement reached as it strengthens the Sylvania trademark globally for the benefit of both.Source : BSE

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