Joint Venture28 May 2024, 11:27 pm
Havells India Ltd. Forms Joint Venture with KRUT LED, LLC in the USA
AI Summary
Havells India Ltd., through its wholly-owned subsidiary Havells International Inc., has approved a joint venture agreement with KRUT LED, LLC. The joint venture, Havells Lighting LLC, will market and sell lighting products and solutions within the United States. Havells India Limited will provide a territory exclusive license for USA to Havells Lighting LLC for lighting products and solutions for an initial term until December 31, 2028. The initial investment will be $5 million, with Havells International Inc. holding 68.75% and KRUT LED, LLC holding 31.25% of the ownership interest.
Key Highlights
- Havells India Ltd. forms a joint venture with KRUT LED, LLC for marketing and selling lighting products and solutions in the USA.
- The joint venture, Havells Lighting LLC, will be owned 68.75% by Havells International Inc. and 31.25% by KRUT LED, LLC.
- Havells India Limited will provide a territory exclusive license for USA to Havells Lighting LLC for lighting products and solutions for an initial term until December 31, 2028.
- The initial investment will be $5 million.
- There is no potential conflict of interest arising out of the proposed JV Agreement.