Halonix Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 20, 2011, inter alia, has taken the following decisions:
1. The Board of Directors of the Company, before signing of the Accounts, has decided not to Sell and transfer its General Lighting business and continue both Automotive and General Lighting businesses as two separate and distinct lines of business i.e. Strategic Business units to continue to avail economies of scale and synergies between the two businesses.
2. During the year 2010-11, the Company acquired 100% shareholding of International Lamps Holding Company S.A (ILHC) and through ILHC, two downstream subsidiaries namely Luxlite Lamps Sarl in Luxembourg and Trifa Lamps GmbH. Since the transaction has not been consummated yet in terms of the agreements signed, the Board of Directors of the Company has passed a Resolution on May 20, 2011 whereby this acquisition of overseas business by International Lamps Holding Company S.A (ILHC) and its subsidiaries has been called off.
Sensex
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Friday, May 20, 2011
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