Shanghai Feilo Acoustics Co Ltd announced Friday in Shanghai a deal to purchase a majority stake of a European lighting products maker worth 148.8 million euro ($163.04 million). This is a measure for the Shanghai-listed company to expand its global business.

Feilo released a statement saying it plans to spend 138.4 million euro of its stake in Havells India's European subsidiary Havells Sylvania Malta BV for its offshore special purpose vehicle. At the same time, Feilo will spend 10.4 million euro to purchase 80 percent of Havells Exim Limited, Havells' procurement and operational support provider.

The purchases will be made in cash, financed by Feilo's self-owned fund and bank's company.

Feilo will own Havells brands, sales channels, and production lines, which will significantly promote Feilo's market position in Europe while accelerate its entrances into the global market.