Corporate
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Mergers & Acquisitions
Havell's India to buy Greek co
Our Bureau
NEW DELHI: Electrical equipment maker Havell's India on Tuesday announced its plans to acquire a Greek company for about 10 million euros.
"In the last three quarters we have been exploring various options to create a strong Havell's presence in southern and eastern Europe. The mid-sized Greek firm is a profitable company and currently has an annual turnover of closer to 10 million Euros," the Havell's Chairman and Managing Director, Mr Qimat Rai Gupta, said in a statement after the board of directors gave the go-ahead for the acquisition.
The acquisition would give a headstart to the company in south and eastern Europe, Havell's Director, Mr Anil Gupta, said, adding the acquisition would provide synergies common to the group and the Greek company. The takeover also provides Havell's the mandatory global quality certifications needed to operate in the new European markets, he said.
Havell's has its marketing and distribution offices in the UK. The European market currently contributes to about 40 per cent of its total export turnover. The company also has outsourcing arrangements with some European companies.
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