Homegrown-consumer electric goods maker Havells on Friday announced the integration of business operations of its subsidiaries — Havells Global, Standard Electrical, Lloyd Consumer and Promptec Renewable Energy Solutions — by merging into the company. The executive committee of the board of directors of Havells India at its meeting held has considered and approved the scheme of amalgamation of the subsidiaries.
"The scheme of amalgamation will enable optimisation of legal entity structure through rationalization of the number of subsidiaries, which will result in the integration of business operations and consolidation of the activities leading to operational synergies," Havells informed BSE in a regulatory filing.
It added: "The Scheme will also result in a reduction in the multiplicity of legal and regulatory compliances."
The company also informed that "the scheme is conditional upon and subject to necessary statutory and regulatory approvals under applicable laws, including approval of the NCLT".
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