Havell's to buy out SLI Sylvania's lighting biz for $ 300 mln

New Delhi, Mar 13 (UNI) Havell's India Ltd today said its Neitherlands-based subsidiary will acquire SLI Sylvania's lighting business for 300 million dollars in cash.

This take over by Havell's Neitherlands BV is expected to be financed with non-recourse debt facilities of 160 million dollars and recourse facilties of 105 million dollars by way of loan/equity through Havell's subsidiaries granted by the company.

Havell's India Chairman and Managing Director (CMD) Qimat Rai Gupta told reporters while signing an agreement with SLI Holdings Inc here.

Post-acquisition, nearly two-third of Havell's consolidated revenues will come from international markets and SLI Sylvania's 10 manufacturing plants located across Europe, Latin America and Africa will come under Havell's ambit.

Deutsche Bank Group is the financial advisor to Havell's on the transaction. Barclays capital is acting the lead arranger for the financing.

The combined turnover of the two entities totals nearly one billion dollars.

UNI