Havells India gets LoI to set up electronics plant in Uttar Pradesh but stocks falls

Havells India announced on Thursday, May 8, that it has received a letter of intent (LoI )from the Yamuna Expressway Industrial Development Authority (YEIDA) to construct an electronics manufacturing facility. This project is set to be developed on 50 acres of land in EMC, Sector 10 of YEIDA, Uttar Pradesh. The company revealed that it plans to utilise this land for the future expansion of its manufacturing capacity, focusing on consumer goods and home appliances. "The company said it intends to use the land for future capacity expansion for manufacturing of consumer goods and home appliances." The letter of intent remains subject to policy guidelines and regulatory norms as outlined by state authorities. "The letter of intent is subject to the state's policy guidelines and any other regulatory norms, as applicable, the company said."

The project stands to benefit from a 75% front-end land subsidy under the Uttar Pradesh FDI, FCI, Fortune Global 500 and Fortune India 500 Companies Investment Promotion Policy - 2023. "The project is eligible to avail 75% front-end land subsidy under the Uttar Pradesh FDI, FCI, Fortune Global 500 and Fortune India 500 Companies Investment Promotion Policy - 2023, it added."

"In terms of Regulation 30 and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR) read with corresponding circulars and notifications issued thereunder, we wish to inform the Exchanges that the Company viz. Havells India Limited has received a Letter of Intent (LoI) dated 7th May 2025 from Yamuna Expressway Industrial Development Authority (YEIDA) for 50 acres of land in EMC, Sector 10 of YEIDA for the establishment of an electronics manufacturing unit. The Company intends to use the land for future capacity expansion for manufacturing of consumer goods and home appliances. This Lol is subject to State’s policy guidelines and any other regulatory norms, as applicable. The project is eligible for availing 75% of Front-end land subsidy under the ‘Uttar Pradesh FDI, FCI, Fortune Global-500 & Fortune India-500 Companies Investment Promotion Policy – 2023’, said Havells India.

Despite the positive development,  Havells India stock ended 3.03% to Rs 1531.10 on BSE amid a correction in the broader market due to rising India -Pakistan tension.