Havells India announced on Thursday, 8 May, that it has received a Letter of Intent (LoI) from the Yamuna Expressway Industrial Development Authority (YEIDA) to establish a large-scale electronics manufacturing facility in Uttar Pradesh. The proposed unit will be developed on 50 acres of land located in EMC, Sector 10 of the YEIDA region.

The company plans to utilise this site for the future expansion of its manufacturing capacity, with a particular focus on consumer goods and home appliances. The LoI is subject to compliance with the state’s policy framework and other regulatory guidelines.

The project qualifies for a substantial 75 per cent front-end land subsidy under the Uttar Pradesh FDI, FCI, Fortune Global 500 and Fortune India 500 Companies Investment Promotion Policy – 2023, according to the company’s regulatory filing.

"This land acquisition aligns with Havells’ long-term growth strategy and will significantly support scaling up our operations in the electronics and appliance segment," a company spokesperson said.

Despite the positive development, Havells India shares closed 3.03 per cent lower at Rs 1,531.10 on the BSE, amid a broader market correction driven by rising geopolitical tensions between India and Pakistan.