Havells India headquarters, the manufacturer of electrical goods and appliances, underwent a search operation by the Directorate of Revenue Intelligence (DRI), the primary agency for combating smuggling and commercial fraud.
“The Directorate of Revenue Intelligence has conducted a search at the Corporate office of the Company viz. Havells India Limited in Noida, which concluded this morning on 4th November 2023 at around 2:20 am,” Havells India said in a regulatory filing.
The investigation focused on the “alleged mis-classification in import of Heating Element,” as stated by the company.
The company, active in the consumer electrical and appliances market under brands like Havells, Lloyd, Crabtree, Standard, and REO, asserts that the repercussions on its financial, operational, or other activities cannot be assessed at this juncture.
However, it said, “in the preliminary assessment, we understand that it will not have any material impact on financial operations or other activities of the company.”
In the fiscal year 2022-23, Havells India recorded a revenue of Rs 16,868.38 crore.
With a total of 15 manufacturing units, the company produces 90 percent of the products sold in the country in-house.
