Havells India in JV with Shanghai Yaming Lighting Co

Moneycontrol Bureau

Electrical appliances major Havells India has entered into a 50:50 joint venture with Shanghai Yaming Lighting Co of China to focus on launching energy efficient lighting solutions and lighting fixtures. The joint venture, named Jiangsu Havells Sylvania Lighting Co, will invest USD 50 million and target annual revenue of USD 100 million in next three years, the company said on Monday. "Havells Group through its global Sylvania operations has significant interest in lighting industry. The JV would facilitate constant innovation and quicker product releases in international markets, including a co-owned, reliable and stable supply source in China," Havells said. The venture will leverage upon technology and manufacturing strengths of its partners, providing energy and cost efficient products for Global Sylvania and local China markets, it said. Havells India shares rose post the announcement and at 13:00 hrs were up 3.4% at Rs 398.30 on NSE.