Havells inducts TPG’s Puneet Bhatia and TV Mohandas Pai as directors

Electrical consumer products maker Havells India Ltd has appointed three additional directors in the company including former Infosys honcho TV Mohandas Pai and TPG's Puneet Bhatia, as per a stock market disclosure.

Ameet Kumar Gupta, who is part of the promoter group and a cousin of company chief Anil Gupta, will become a whole time director of the company with effect from January 1, 2015.

With this, the total no of directors increases to 12.

Pai, chairman of Manipal Global Education, had also been the member of the board at IT firm Infosys Ltd. He joined Infosys in 1994 and also served as chief financial officer for almost a decade. He has become a private investor and also backed some early stage funds.

Puneet Bhatia is TPG Asia managing director & country head-India. PE giant TPG makes large ($100 million plus) late-stage private equity deals through TPG Capital and relatively mid-sized ($75 million range) deals through TPG Growth. Bhatia is an existing shareholder in Havells in his personal capacity.

The firm, which acquired Havells brand (then a small name) in 1971, today produces various consumer home appliances besides lighting products in additional to electrical products such as switchgears, cables and more. Havells has a market cap of over $2.5 billion.

It was previously backed by Warburg Pincus and currently counts Nalanda Capital among its institutional shareholders.

The company's board had recently appointed Anil Rai Gupta, joint MD as chairman and MD of the company after Qimat Rai Gupta, chairman of electrical goods maker Havells India Ltd, passed away on Nov 7, 214.

(Edited by Joby Puthuparampil Johnson)

Leave Your Comment(s)