‘Deeper into Homes’
Slated to make forays into consumer durables industry, Havells, India's leading FMEG company, has received approval from its board to acquire Lloyd Consumer Durable Business Division (Lloyd Consumer).
The acquisition is proposed to be executed at an enterprise value of Rs 1600 crore.
In this regard, the company has signed an agreement with Lloyd Electrical and Engineering Limited and Fedders Lloyd Corporation Limited for acquiring Lloyd brand and the consumer durable business, the company in a statement said.
Havells will acquire 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.
"The transaction is subject to confirmatory due diligence and is expected to close in next 8 weeks. The company plans to finance the transaction through a mix of debt and internal accruals," it said.
Speaking on the occasion, Anil Rai Gupta, Chairman & Managing Director, Havells India Limited said, "The proposed acquisition is in line with Havells objective of "Deeper into Homes", driving domestic expansion and owning a brand and distribution oriented asset." GKNN