Havells India plans to invest Rs 300 crore in the current financial year in expansion of its manufacturing base and is considering diversifying into various consumer electronics businesses including water purifiers and personal grooming, its chairman Anil Rai Gupta said.
Gupta said the company will utilise cash reserves of Rs 1,500 crore for expansion and is not considering raising funds at this moment. The company is scouting for acquisition opportunities in electronic goods segment in India and abroad. The Noida-headquartered electrical equipment company is setting up a new unit for manufacturing of cables, wires, solar lights and other electronics in Karnataka. The Karnataka Industrial Areas Development Board has allotted 62.09 acres of land to the company at Vasanthanarasapura industrial area. The various businesses being explored by Havells India for diversification include personal grooming, water purification and solar rooftop solutions.