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Nov 14, 2017 09:24 AM IST | Source: Moneycontrol.com

Havells India rises 1% on signing MoU with Hyundai Electric

Under the agreement, Hyundai Electric will supply low and medium voltage protection and switching devices to Havells as brand labeling.

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Share price of Havells India gained 1 percent in the early trade on Tuesday on signing pact with Hyundai Electric & Energy Systems.

Hyundai Electric & Energy Systems and Havells India announced the signing of memorandum of understanding (MoU) to mutually explore and supply low and medium voltage protection and switching devices, as per company release.

Under the agreement, Hyundai Electric will supply low and medium voltage protection and switching devices to Havells as brand labeling.

Hyundai Electric will also grant manufacturing license and technology transfer for low-capacity Magnetic Contactors (MC) and Molded Case Circuit Breakers (MCCBs) to Havells.

Havells will supply equipment such as Miniature Circuit Breakers (MCBs) & Magnetic Contactors (MC) to Hyundai Electric. Both companies will cooperate for localization and customization of products.

Rajiv Goel, Executive Director, Havells India said, “The MoU will be a win-win proposition for both Havells and Hyundai Electric. It also establishes Havells and India as a quality manufacturing base for global procurement.”

At 09:18 hrs Havells India was quoting at Rs 512.80, up Rs 3.55, or 0.70 percent on the BSE.

The stock gained 56.6 percent in the last 1 year.

Posted by Rakesh Patil
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