The same will be on 50 acre land in EMC, Sector 10 of YEIDA, in Uttar Pradesh. The company said it intends to use the land for future capacity expansion for manufacturing of consumer goods and home appliances.
The letter of intent is subject to the state’s policy guidelines and any other regulatory norms, as applicable, the company said.
The project is eligible to avail 75% front-end land subsidy under the Uddar Pradesh FDI, FCI, Fortune Global 500 and Fortune India 500 Companies Investment Promotion Policy – 2023, it added.
The company reported a 16% increase in its fourth quarter profit at ₹518 crore compared to the previous year. Its revenue increased 20% to ₹6,543 crore, EBITDA gained 19.3% to ₹757 crore while EBITDA margin was flat at 11.6%.
Havells India shares were trading 2.11% lower at ₹1,545 apiece at 1.35 pm. It has declined 8% this year, so far.
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