Havells India Ltd. (HIL) has entered an agreement with South Korean major Hyundai Electric & Energy Systems for manufacturing of magnetic contactors (MCs).
Hyundai Electric will provide the technical expertise and license to manufacture and market MC under the Havells brand. India’s MC market is presently estimated to be INR 1,200 cr and is growing at 6‐8% annually. HIL, through this partnership, expects to garner an additional market share of 8% over the next 3 years. This will be achieved by entering new market segments with higher specifications. HIL would also manufacture MCs for Hyundai Electric.
As per HIL, the alliance will give it access to newer markets and technologies from a global leader like Hyundai Electric. Also, it will enable Hyundai Electric to leverage HIL’s manufacturing base and cost-efficient products.
In November 2017, HIL had announced the signing of a Memorandum of Understanding (MoU) with Hyundai Electric to mutually explore and supply low and medium voltage protection and switching devices.