The company will be carrying out the sale by divesting 80 percent stake each in its two group firms, Havells Sylvania Malta BV and Havells Exim Ltd, Hong Kong.

Havells Sylvania Malta BV is valued at Euro 173 million and rest Euro 13 million for Havells Exim Ltd.

The stake sale is being conducted by Havells Holding Ltd, a wholly-owned subsidiary of the Noida-based firm.

"We have accepted Havells Holding Ltd's agreement to enter into a definitive agreement with Shanghai-based Feilo Acoustics Ltd to divest 80 percent stake in Havells Sylvania Malta BV subject to shareholder and other approvals," Havells Holding Director Anil Rai Gupta said.

He said these markets have been under performing in the last couple of years and their transfer to the Feilo group would take at an appropriate time in next 12 months after the restructuring.

The deal is in the best interest of Sylvania, which would have access to Feilo product categories and Feilo is also looking to enter into the lighting of Latin American and European cities, he said.

Latest News  from Business News Desk