Havells India to Invest Rs. 600 Cr. in Goldi Solar
Havells India Ltd., Indian cables & wires industry major, will invest Rs. 600 crore to acquire minority stake in Goldi Solar, a Gujarat-based solar module manufacturer. This acquisition will be paid for in cash, and is expected to be completed by 30th June 2025. Havells clarified that as of now approval from Competition Commission of India (CCI) is awaited for this acquisition.
This acquisition is a part of ongoing fundraising by Goldi Solar, which is expected to be completed in the next 75 days. Once the acquistion is completed, Havells will hold 8.90% to 9.24% equity in Goldi Solar, depending upon the total funds raised by the company (in the range of Rs. 1,050-1,300 crore). Post this acquisition, Havells India will gain “…customary shareholders’ rights including board seat and investors reserve matters”.
Havells is already present in the solar power equipment manufacturing space with products such as solar modules, DC switchgear, solar cables and inverters. Havells’ offerings are concentrated mainly in the rooftop solar and Commercial & Industrial (C&I) solar project segments. In fact, this investment is based on the condition that Havells India and Goldi Solar will enter into a ‘master supply and service agreement’ for consistent supply of solar modules and cells to Havells.
Havells had been mulling over setting up its own solar module manufacturing facility, given government policy measures favouring the use of India-made solar modules. “Post detailed evaluation of multiple considerations, the company favoured a relatively de-risked approach of partnering with a large module manufacturer (with planned backward integration in domestic cells)…through consistent sourcing arrangement”, as per Havells.
