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Neha Kaushik

New Delhi , July 6

Mr Sanjeev Sharma, who earlier this year resigned as the Managing Director of Nokia India, will be joining private equity firm Actis. Interestingly, Mr Sharma would be leading the Actis team on the Phoenix Lamps project.

Actis is in the process of carrying out a management buy-in at Phoenix Lamps. The private equity firm earlier this week had said that it would be acquiring the complete stake, 36.7 per cent, of Phoenix promoters Mr B.K. Gupta, Mr H.R. Gupta and family in the company.

The acquisition would take Actis' stake in the company to 45 per cent. Actis will shortly be announcing an open offer to acquire a further 20 per cent.

Under a management buy-in, a management team from outside the company raises the necessary finance, buys it and becomes the company's new management. It could not be ascertained whether Mr Sharma would be part of the new management that would be taking charge of Phoenix Lamps.

The Rs 245-crore Phoenix manufactures and markets lighting products and systems under Halonix brand, including for the high-growth energy efficient segment, and has a dominant market share in both the automotive lamps and CFL segments.

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