Warburg Pincus to invest $ 110 mln in Havells
New Delhi, Oct 21 (UNI) Warburg Pincus, a global private equity firm, will infuse 110 million dollars into the country's largest electrical equipment company Havells India Ltd.
Havells will issue fresh shares and warrants to Warburg Pincus, representing about 11.2 per cent of its fully diluted share capital.
Warburg Pincus' investment will be utilised to partly retire the debt raised during the Sylvania acquisition, and in strengthening the company's manufacturing capacity and distribution network to address the rapidly growing Indian market, said a company statement today.
''This partnership provides credibility to our long-term objective of establishing Havells as a leading global player in the electrical product and power distribution equipment space. We look forward to Warburg Pincus' contribution on the board of the company,'' company's Joint Managing Director Anil Gupta said.
He said the equity placement would provide the company with additional debt raising capacity.