Havell's to buy Greek company

NEW DELHI: Havell's India Ltd., a part of the Rs. 10 billion QRG Enterprises, today announced that its board of directors has approved the plan to acquire a Greek company for an amount close to Euros 10 million.

This is Havell's India's first overseas acquisition.

Speaking after the board meeting, Qimat Rai Gupta, chairman & managing director, Havell's, said, "In the past three quarters we have been exploring various options to create a strong Havell's presence in Southern and Eastern Europe. The mid-sized company in question is a profitable company and currently has an annual turnover of close to Euros 10 million."

Giving details about the new development, Anil Gupta, director, Havell's, said, "the new acquisition has been made keeping in view the tremendous synergies that are common to the group and the new company. This move will give us a head start in the regions of Southern and Eastern Europe."