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Havells India said that it has completed the acquisition of Lloyd Consumer Durable Business division. The company had announced the acquisition in early February with the intent of completing it in eight weeks.
The acquisition has been executed at an enterprise value of ₹1,600 crore on a debt-free, cash-free basis. The company has financed the transaction through internal accruals and cash balances, it said in a statement.
This acquisition marks the foray of the company in the consumer durables industry, especially gaining a strong foothold in the air-conditioners segment. The brand has also expanded into the TV and washing machine segments.
In a statement, Anil Rai Gupta, Chairman & Managing Director, Havells India, 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.”
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