Under a recently announced deal, Private equity firm Actis will buy out the loss-making, general-lighting business of Noida-based Halonix. However, the component maker will be left with its attractive automotive lightning business and under the announced deal; Halonix will be hiving off the non-automotive lighting business into a wholly-owned subsidiary.

Moreover, Halonix has also appointed two independent firms PricewaterhouseCoopers and SSPA & Co Chartered Accountants to value the general lighting business. JM Trivedi, South Asia head of Actis, said that the general lightning business is still much fresh in nature and hence requires more investment for its growth.

Trivedi also pointed out the fact that the general lightning business of the company is being taken up on a separate basis from the automotive piece to generate value for the shareholders. It is to be mentioned here that the company was established in 1991 and was formerly known as Phoenix Lamps. Moreover, the Company currently makes halogen lamps for automobiles. The PE firm had picked up close to 66% stake in the company in 2007 and has recently purchased the general lightning business.