havells india to buy lloyd electric's consumer business for $231 million - industrial air conditioner

MUMBAI (Reuters)-
The leading manufacturer of electric lights and fans, havelres India Limited, has agreed to purchase a unit of Lloyd electrical and engineering Limited, which sells air conditioners and televisions for £ 15. 5 billion-rupee deal ($231. 14 million)
Said the company.
According to the company's data, the deal is expected to be completed within eight weeks and after final due diligence, it will help Havells expand its business to India with double-digit growth in durable goods worth $15 billion.
While India's consumer spending was lifted in November
Value notes account for more than 80% of cash in circulation, and analysts expect growth to recover slowly in the fiscal year starting in April as monetary tightening eased.
The company said in a statement on Sunday that Lloyd would use the proceeds from the sale to reduce debt.
At the same time, the company will continue to operate industrial air conditioning business and provide indoor air conditioning.
Air conditioning as third place
Party vendors, it added.
The company said in a statement that Havells plans to fund the acquisition through a mix of debt and internal accrual programs.
Standard Chartered advises Javier on the deal, while Ernst & Young advises Lloyd. ($1 = 67.
RS 0600 India)(
Report of Chowdhury and Devidutta, Tripathy Suvashree Dey;
Edited by Himani Sarkar)