Havells International, a wholly-owned subsidiary of Havells India Limited, has announced plans to acquire the remaining 20% stake in Havells HVAC LLC from its joint venture partner, Salesmark Ventures LLC. This strategic move will result in Havells HVAC LLC becoming a wholly-owned subsidiary of Havells International, strengthening the company's presence in the US HVAC market.

Background of the Joint Venture

Havells International entered into a joint venture agreement with Salesmark Ventures LLC, a company organized under the laws of the State of Florida, USA. The joint venture, Havells HVAC LLC, was established with an 80:20 ownership ratio between Havells International and Salesmark Ventures, respectively.

Purpose of the Joint Venture

The primary objective of Havells HVAC LLC was to market and sell various portable air conditioning units and related accessories belonging to brands owned by Havells India Limited within the United States of America.

Latest Development

The Executive Committee of the Board of Directors of Havells India Limited took note of Havells International's decision to acquire Salesmark Ventures LLC's 20% stake in the joint venture. This acquisition will transform Havells HVAC LLC into a wholly-owned subsidiary of Havells International.

Implications of the Acquisition

This strategic move by Havells International indicates:

1. A strong commitment to the US HVAC market
2. Potential for streamlined operations and decision-making processes
3. Greater control over the marketing and sales strategies for Havells' HVAC products in the USA

Key Details of the Transaction

This acquisition represents a significant step for Havells in consolidating its position in the US HVAC market and potentially expanding its product offerings and market reach in the region.

Investors and industry observers will likely be watching closely to see how this full ownership impacts Havells' performance and market share in the competitive US HVAC sector.

Havells India has made a strategic move to enhance its digital presence by launching the Lloyd Kolors Refrigerator on Flipkart, India's homegrown e-commerce marketplace. This launch marks a significant step in making smart and stylish cooling solutions more accessible to Indian households.

Product Highlights

The Lloyd Kolors Refrigerator, a product of Havells India's consumer durables brand Lloyd, is designed to cater to the evolving needs of modern Indian homes. Key features of the refrigerator include:

• Smart Cooling Technology: Auto Defrost function with advanced sensors for temperature control
• Energy Efficiency: Inverter Compressor for stable temperatures and reduced energy consumption
• Rapid Freeze Technology: Capable of making ice in just 29 minutes
• Home Inverter Connect: Automatic switching to home inverter during power outages
• Health and Safety Features: Bactshield technology to prevent bacterial growth and Viruzsafe-coated handles
• Flexible Storage: Honeycomb Crisper for fresh produce and Fleximax Design with adjustable shelves
• Stylish Design: Available in pastel shades of Sunkissed Yellow and Minty Green with designer handles

Availability and Pricing

The Lloyd Kolors Refrigerator is now available on Flipkart and other distribution channels, with prices starting at ₹18,990.00. The product comes in various capacities, including 195L, 216L, and 240L, to suit different household needs.

Strategic Partnership

Rajesh Rathi, Executive Vice President of Havells India, emphasized the company's focus on meeting evolving consumer preferences. He stated, "We are seeing a clear evolution in what drives consumer consideration, especially in home appliances. It is no longer just about functionality; people want products that reflect their personal style and complement modern living."

Rakesh Krishnan, Vice President of Large Appliances at Flipkart, expressed enthusiasm about the partnership, highlighting the alignment with Flipkart's commitment to offering innovative products that enhance everyday living.

Market Expansion

This launch on Flipkart represents Havells India's strategy to expand its digital reach and tap into the growing base of online shoppers. By making the Lloyd Kolors Refrigerator available through e-commerce, Havells aims to make it more convenient for customers across India to access and purchase their products.

About Havells India

Havells India Ltd is a leading Fast Moving Electrical Goods (FMEG) and consumer durables company with a presence in over 60 countries. The company's portfolio includes industrial and domestic electrical goods, as well as consumer durables under prestigious brands such as Havells, Lloyd, Crabtree, Standard, and Reo.

As Havells India continues to innovate and expand its digital presence, the launch of the Lloyd Kolors Refrigerator on Flipkart marks a significant step in the company's efforts to reach a wider customer base and strengthen its position in the competitive consumer durables market.