New Delhi: The electrical goods company Havells Sunday said it will acquire consumer durable business of Lloyd Electric & Engineering for about Rs1,600 crore. “...(Havells’) board has approved the acquisition of Lloyd Consumer Durable Business Division (Lloyd Consumer). The company has signed an agreement with Lloyd Electrical and Engineering Limited and Fedders Lloyd Corporation Limited for acquiring Lloyd brand and the consumer durable business. The consumer business of Lloyd is engaged in sourcing, assembling, marketing and distribution of consumer durables including air-conditioners, TVs, washing machines and other household appliances, it added. ALSO READ: Havells India Q3: well-lit despite demonetisationThe proforma revenues of consumer durable arm, Lloyd Consumer for 9 months ended 31 December, 2016 stood at Rs1,242 crore and Ebdita of Rs75 crore.

Source: Mint February 19, 2017 08:48 UTC