Havells to sell remaining 20% in Sylvania, exit global mkt

CONSUMER ELECTRICALS firm Havells India would exit from the global market by selling remaining 20 per cent stake in its European lighting business Sylvania to China's Feilo Acoustics for 34.5 million euros (Rs 241.94 crore).

Havells Holding Ltd (HHL), a subsidiary of Havells, would transfer the remaining 20 per cent stake in Feilo Malta Ltd (earlier Havells Malta Ltd) to Shanghai-based Feilo Acoustics.

Havells India reported a decline of 74.10 per cent in its standalone net profit at Rs 94.70 crore for the March quarter due to impairment following exit from global markets. The company had reported a net profit of Rs 365.74 crore for the Januarymarch period a year-ago, Havells said in a BSE filing. Its total income during the quarter under review was at Rs 1,873.44 crore, up 17.22 per cent from Rs 1,598.18 crore in the corresponding quarter last fiscal.