Warburg sells stake in Havells India

Warburg Pincus has made more than INR11.75 billion ($208.5 million) from the sale of Havells' shares over the years. It originally paid about $122.42 million for 15% of the company.

In February this year, Warburg Pincus began exiting the investment by selling a 5.5% stake, or 7 million shares, for INR650 apiece, through subsidiary Seacrest Investments.

Delhi-based Havells makes electrical and power distribution equipment. Its products include circuit protection devices, switches, power cables and wires and electrical consumer durables. It has sales points across 50 countries and a global manufacturing footprint.

Warburg Pincus had made an initial investment of $110 million in Havells in 2007, buying around 11.2%. It then bought another 3.55% for INR18 million in 2008 through its investment arm, Woodcrest Investment.

Havells reported a 57% year-on-year rise in net profit to INR5.8 billion for 2012-13, compared with INR3.6 billion in the previous fiscal year.

This is Warburg Pincus' second significant India exit of the year, following the sale of a controlling stake in tire maker Alliance Tire Group to KKR.

 

 

 

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• Topics
• South Asia
• Exits
• Industrials
• India
• Warburg Pincus Asia
• Exit
• manufacturing