Havells India Ltd, a US $1.2 billion enterprise and one of India’s fastest growing electrical and power distribution equipment company, today, announced a Joint Venture with Shanghai Yaming Lighting Co. Ltd, a leading lighting company listed on Shanghai Stock Exchange in China.
The 50:50 JV would leverage upon technology and manufacturing strengths of its partners, providing energy and cost efficient products for Global Sylvania and local China markets. The JV named as Jiangsu Havells Sylvania Lighting Co. Ltd, would entail an investment of USD 50 million and target an annual turnover of USD 100 million in next 3 years. It would increasingly focus on launching energy efficient and green lighting solutions including but not limited to LEDs, CMI, HID and lighting fixtures.
Havells Group through its global Sylvania operations has significant interest in lighting industry. JV would facilitate constant innovation and quicker product release in international markets including a co-owned, reliable and stable supply source in China. The JV reiterates Havells philosophy to establish local presence to cater growing consumer demand for quality products in China.
Speaking on the occasion Qimat Rai Gupta, CMD, Havells India Limited, said, “This is an important milestone for Havells and also for the entire Indian manufacturing industry. We are blending latest technology with best-in-class manufacturing practices with this combination of leading companies of China and India. We value Yaming relationship and their experience in managing international JVs. We are confident that this initiative will help Global Havells Sylvania operations including our local operations in China”
Jingwei Liu, Chairman, Yaming Lighting Co Ltd, added, “We are delighted to form JV with Havells and are impressed with their global vision and growth plans. It is a unique platform to showcase and integrate our strengths to provide energy efficient solutions as are required in the current global environment. We look forward to achieve great strides and further deepening of relationship through this JV.