Havells India has secured a Letter of Comfort (LoC) from Invest UP, Government of Uttar Pradesh for fiscal incentives under Uttar Pradesh Global Capability Centres Policy 2024 (GCC-2024 policy) for the company’s proposed Centre of Excellence (R&D centre). The company has proposed to invest Rs 879 crore for the R&D centre over the next few years.
The incentives under GCC-2024 policy include 25% of eligible capital investment, subject to maximum ceiling of Rs 25 crore per annum, in 7 equal annual instalments after commencement of commercial operations, and other OPEX, payroll, EPF, fresher recruitment, internship, skill development related subsidy, reimbursements and incentives.
Havells India is a leading FMEG and a consumer durable company, with a presence many countries. Its product range includes Industrial & Domestic electrical goods and consumer durables.