Electrical products maker Havells today said it has completed the Rs 1,600-crore acquisition of consumer durable business of Lloyd Electric & Engineering.
The acquisition, paving way for the Noida-based company to foray into the consumer durables segment, has been financed through internal accruals and cash balances, Havells said.
The company has acquired the consumer business infrastructure, people, distribution network including and not limited to absolute, exclusive ownership and right to all intellectual property of Brand Lloyd, logo, trademark, goodwill and attendant rights, it said in a statement.
Lloyd is among top three brands in air conditioner segment with a network in tier I and tier II cities, Havells said in the statement. The brand has also expanded its presence in the TV and washing machine verticals.
Commenting on the development, Havells India Chairman and Managing Director Anil Rai Gupta said: "The acquisition will help us to gain foothold in the high growth consumer durable segment and serve our esteemed consumers with wider product range."
The company said it has obtained requisite approvals from all the relevant authorities for the transaction.
"We are excited by the opportunity ahead and dedicate this acquisition to the aspirational young and dynamic Indian," Gupta said.
The consumer business of Lloyd is engaged in sourcing, assembling, marketing and distribution of consumer durables including air-conditioners, TVs, washing machines and other household appliances.
The deal was announced in February this year.
Disclaimer: No Business Standard Journalist was involved in creation of this content
