Paradise Papers: Electrical appliances major Havells set up offshore firms to push expansion
In 2007, Havells India registered a firm in Isle of Man which became key investment vehicle
Havells India is promoted by Qimat Rai Gupta (photo) and his family, which purchased the Havells brand in 1971.
ELECTRICAL APPLIANCES company Havells India floated over 50 subsidiaries beginning February 2000, most of them in tax havens, to acquire a global footprint through acquisitions and tie-ups, Appleby records show. Havells India is promoted by Qimat Rai Gupta (photo) and his family, which purchased the Havells brand in 1971. The brand was named after its first owner Haveli Ram Gupta.
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