Actis to buy Halonix's lighting biz

NEW DELHI: Private equity firm Actis will buy out the loss-making, general-lighting business of Noida-based Halonix, a firm in which it owns majority stake, leaving the public-listed company with its automotive lighting business.

As per the deal, Halonix is hiving off the non-automotive lighting business into a wholly-owned subsidiary and will sell shares of the subsidiary to Actis, according to a disclosure to the stock exchange. Halonix has appointed two independent firms PricewaterhouseCoopers and SSPA & Co Chartered Accountants to value the general lighting business.

JM Trivedi, South Asia head of Actis, said: “General lighting is a relatively young business which is not profitable and needs more investment. It is being unlocked from the automotive piece to generate value for the shareholders.”

Established in 1991, Halonix (formerly Phoenix Lamps), makes halogen lamps for automobiles. Actis had picked up 66% in the company in 2007. Halonix’s shares closed marginally higher at `80.35 on the Bombay Stock Exchange on Wednesday.