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Mergers & Acquisitions | 2 September 2013

Actis Acquires Lighting Biz From Halonix

by Tilak Devadiga
Actis Acquires Lighting Biz From Halonix
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Actis has acquired the general lighting business portfolio of Halonix Limited for R160 Cr, BSE filing stated. The loss making portfolio was first transferred to its subsidiary Halonix Techologies Limited on a slump sale basis and later the subsidiary was acquired by Actis through its affiliates Argon India Limited and Argon South Asia Limited.

Halonix is a major player in the automotive lighting business, incorporated in 1991. It supplies CFL for general lighting and halogen lamps for automotive sectors. The company's products include automobile head lamps under the Halonix brand, H3 type halogen lamps for fog lamps, J-type halogen lamps for general lighting applications, compact fluorescent lamps (single/double H-type), etc.

The company would retain its Automotive lighting business.

Halonix had earlier planned to hive off its loss making CFL business to Actis and then scrapped it by announcing a restructuring exercise by acquiring the operations of its largest distributors in Europe, wherein it bought International Lamps Holding Co. SA, Luxembourg for an undisclosed amount, which gave it control of Luxlite Lamps Sarl, Luxembourg and Trifa Lamps Germany Gmbh, the two companies involved in the business of distribution of halogen lamps and other bulbs associated with automotive industry in international markets.

Actis has a majority holding in Halonix ( then Phoenix Lamps ) of 66% which was bought through its Actis India Fund by purchasing promoter B.K. Gupta's 47% holding and then acquiring the rest through an open offer, in 2007.

The lighting business had recorded losses over the last two years, of R46 Cr in 2011 and R31 Cr in 2012.

It has manufacturing plants located at Noida, Haridwar and Dehradun with production over 150 millions lamps annually.

Earlier this year; Varroc Group had acquired 50% stake of Visteon Corporation's Chinese JV - Visteon TYC Auto Lamps Co., Ltd for around $20 Mn; Crompton Greaves had entered into definitive agreement with Karma Industries to acquire its Compact Fluorescent Lamps (CFL) business for R14.5 Cr.

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