Havells plans to acquire Greek co

MUMBAI: Electrical goods manufacturing firm Havells India Ltd on Thursday said it will form a 100 per cent subsidiary in Cyprus to facilitate the acquisition of a Greek company.

The board of directors, at its meeting today, decided to form Havells Cyprus Ltd as its 100 per cent subsidiary company, Havells informed the Bombay Stock Exchange.

Earlier in 2005, the company got the approval from its board of directors for the first overseas acquisition of a Greek company for about 10 million Euros.

The shares of the company closed at Rs 287, down 49.61 per cent at the BSE.