Nick Farraway,head of Europe for Havells Sylvania
Havells India has announced a 50:50 joint venture with Shanghai Yaming lighting,a Chinese lighting company.
The joint venture will see$50 million invested in a new manufacturing unit in Jiangsu Province,China,which will be focused in the development of energy efficient and green lighting solutions including LEDs,CMI,HID and lighting fixtures.
Both companies estimate that the new joint venture will lead to an annual turnover of$100 million in the next three years.
Named Jiangsu Havells Sylvania Lighting Co,the joint venture aims to improve energy and cost efficient products for the local Chinese market,in addition to supplying global markets via the wider Havells Sylvania network.
Nick Farraway,head of Europe for Havells Sylvania said:"This is an important milestone for Havells Sylvania as we continue to build our lighting portfolio across Europe and beyond.By blending our technical and innovative expertise with best-in-class manufacturing practices,we're confident that this joint venture will lead to a strengthening of our Chinese and global operations."
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