Havells India Ltd on Tuesday said Karnataka Industrial Areas Development Board has allotted land admeasuring 62.09 acres to it at Vasanthanarasapura Industrial Area, Tumkur, Karnataka, for establishing a unit for manufacturing of cable & wire, MCB, LED, electronics, solar lights at a tentative rate of Rs 40.35 lakh per acre.
The company, in a notice to the BSE, also said it has entered into a non-binding MoU with Pan Projects for taking on lease land for setting up of manufacturing facility in the State of Assam to enable it to avail of the rebates and benefits under the policies of Government of India and Assam. The arrangement is subject to change of land use and various other government approvals.
With respect to an earlier communication sent to the stock exchanges on January 4, 2013, the company said QRG Enterprises Limited, one of the promoter companies, has vide an Assignment Agreement dated May 9, 2016, completed the assignment of the brand "HAVELLS" for electrical products, to the company effective April 1, 2016.
Published on May 10, 2016
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