Qimat Rai Gupta, Chairman, Havells India, passed away on Friday.
Gupta, 77, started out with a small electricals trading business in 1958, acquired the brand name, Havells, from a fellow Delhi trader in 1971, and then never looked back.
The home-grown company now has operations across 51 countries, and recently Gupta made it to the Forbes' billionaire list for the first time, ranking as India's 48th richest man with a net worth of $2 billion.
A school-teacher turned entrepreneur, Gupta is credited with Havells acquiring Frankfurt-based Sylvania Lighting in 2007 and turning it around, a company statement said.
The company now makes products under various brands, such as Havells, Crabtree, Sylvania, Concord, Luminance and Standard.
Havells India manufactures industrial & domestic circuit protection devices, cables & wires, motors, pumps, fans, modular switches, home appliances, electric water heaters, power Capacitors, CFL Lamps, among others.
The company said Gupta built Havells on three principles, “of growth through quality, innovation and market consolidation" and ensured that it was committed to these core values through its journey.
Havells today has 14 manufacturing units in India located across Haridwar, Baddi, Noida, Faridabad, Alwar, Neemrana, and six latest manufacturing plants located across Europe, Latin America & Africa.