Havells India has signed an Memorandum of Understanding (MoU) with Hyundai Electric & Energy Systems Co. Ltd on November 13 at the Ulsan headquarters to mutually explore and supply low and medium voltage protection and switching devices.
Under the agreement, Hyundai Electric will supply low and medium voltage protection and switching devices to Havells as Brand labelling. Hyundai Electric will also grant manufacturing license and technology transfer for low-capacity Magnetic Contactors (MC) and Molded Case Circuit Breakers (MCCBs) to Havells. Havells will supply equipment such as Miniature Circuit Breakers (MCBs) and Magnetic Contactors (MC) to Hyundai Electric. Both companies would cooperate for localisation and customisation of products.
Hyundai Electric and Havells recognise that India represents a compelling opportunity considering accelerated reforms in power and transmission segments. Further, Havells manufacturing base provides a quality and cost efficient product for Hyundai Electric international operations. It is envisaged for both companies to leverage the technological and manufacturing capabilities to offer wider choice to their customers.
Joo Young-Keol, CEO, Hyundai Electric &Energy Systems Co, Ltd commented, “Taking this opportunity, we are expecting sales increase through brand labelling of low and medium voltage protection and switching devices as well as manufacturing license.”
Rajiv Goel, Executive Director, Havells India Ltd, said, “The MoU will be a win-win proposition for both Havells and Hyundai Electric. It also establishes Havells and India as a quality manufacturing base for global procurement.”