Actis to buy India lighting business from Halonix

According to a filing, the business will be transferred into a subsidiary - Halonix Technologies - which will be bought by Argon South Asia and Argon India, both entities affiliated to Actis.

Halonix itself is majority-owned by Actis. The firm took up its stake in the comany, then called Phoenix Lamps, in 2007, through its Actis India Fund, buying promoter B.K. Gupta's 47% holding, then acquiring the rest through an open offer. Halonix will retain the profitable automotive lighting division.

The completion of transactions is subject to conditions and is expected to take place over the next fortnight or so.

This will be the second attempt to strike a deal to separate the general lighting business, after a July 2010 deal was scrapped.

The business has recorded losses over the last two years, of INR460 million in 2011 and INR310 million in 2012.

Halonix had net income fall year on year - from a gain of INR57.03 million to a loss of INR240.74 million in 2013, despite a 7.23% increase in revenues INR4.88 billion.

 

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• Topics
• South Asia
• Buyouts
• Industrials
• India
• Actis Capital
• manufacturing