Havells mulls India purchases, sees revival
The company is currently focused on the Indian market and is searching for businesses to expand market share
New Delhi: Havells India Ltd. is looking for domestic acquisition opportunities and sees early signs of improving industrial demand, its billionaire chairman Anil Gupta said.
The company, a maker of electrical products for consumers and industry, is currently focused on the Indian market and is searching for businesses it could buy to add new products or expand market share, Gupta said in an 28 August interview in New Delhi.
“We are actively looking at possibilities," Gupta said, adding that he expects better profitability in the fiscal year beginning 1 April, 2016.
Demand from industry has improved a little in the past couple of months, signaling more capital expenditure, though it remains to be seen if the trend will continue, Gupta said. He and his family control about 61.5% of the 165-billion- rupee ($2.5 billion) company.
Havells India’s net income was 1.07 billion rupees in April through June, little changed from a year earlier. The shares rose as much as 3.2% on Monday and were trading 1.6% higher as of 1:29 p.m. in Mumbai, compared with a 0.3% drop in the S&P BSE Sensex index. Bloomberg
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