Havells India has inked a Memorandum of Understanding (MoU) with Korea based Hyundai Electric & Energy Systems Co. 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 labeling. 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) & Magnetic Contactors (MC) to Hyundai Electric. Both companies will cooperate for localization and customization of products.

Rajiv Goel, Executive Director, Havells India, 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.''

Shares of the company declined Rs 4.1, or 0.8%, to trade at Rs 511.35. The total volume of shares traded was 21,171 at the BSE (10.36 a.m., Tuesday).