The company expects the new venture to bring benefits of synergies of business with its existing range of small domestic appliances.

Havells aims to be one of the top 3 (three) market players over a period of next 3 years from the start of operations.

"The entire range of products will be outsourced and serve the domestic market. The expected date of launch of the above category of products is May 2024,” the company said in a statement.

Havells India is a leading fast moving electrical goods (FMEG) company and a major power distribution equipment manufacturer with a strong global presence.

The company's consolidated net profit rose 1.55% to Rs 287.91 crore on 6.94% increase in revenue from operations to Rs 4,413.86 crore in Q3 FY24 over Q3 FY23.

The scrip fell 1.16% to currently trade at Rs 1522.95 on the BSE.