The company has also entered into agreement with Pan Projects to lease land in Assam for a manufacturing facility
May 10, 2016
Havells India Ltd. has announced that Karnataka Industrial Areas Development Board (KIADB) has allotted land admeasuring 62.09 acres to the company, at Vasanthanarasapura Industrial Area, Tumakuru in the state of Karnataka for establishing a unit for manufacturing of cable and wire, MCBs, LEDs, and solar lights at a tentative rate of Rs. 40.35 lakhs per acre.
Havells India, in a notice to Bombay Stock Exchange, said that it has also entered into a non-binding Memorandum of Understanding (MoU) with Pan Projects for taking on lease the land for setting up of manufacturing facility in the State of Assam. This will enable the company to avail of the rebates and benefits under the policies of Government of India and Assam. The arrangement is subject to change of land use and various other government approvals.
The central government is encouraging companies who are willing to set up manufacturing base in the country, and various state governments are also following the suit in this endeavor. KIADB’s allocation to Havells India is being seen as a proactive step by the Karnataka govt. to be part of the ‘Make in India’ initiative.
Havells India is engaged in manufacturing and marketing of electrical and power equipments. It offers industrial and domestic circuit protection switchgear, cables and wires, motors, fans, power capacitors, lamps, luminaries for domestic, commercial and industrial applications, modular switches and bath fittings.
