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Electrical goods maker Havells India on Wednesday said that it has entered into an agreement with South Korean major Hyundai Electric & Energy Systems Co Ltd for manufacturing magnetic contactors (MC).
Under this agreement, Hyundai Electric will provide technology know-how and grant a licence to manufacture and market Magnetic Contactors under brand Havells.
Havells India will also invest about ₹64 crore for brownfield expansion of its Sahibabad plant, post this agreement. It will also manufacture MC for Hyundai Electric.
Ameet Gupta, Wholetime Director, Havells India, said that this agreement will give a boost to the company’s industrial switchgear business.
“Currently, Havells India earns about ₹250 crore in revenues from its industrial switchgear business. With this agreement in place, we hope to double this revenue in the next four to five years,” he said.
“This strategic alliance is in sync with the government’s “Make in India” initiative as it will not only fortify Havells position as a strong manufacturing base for global procurement, but will also reinforce the company’s commitment to manufacture quality acclaimed products,” he added.
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