Havells India Ltd, known for its range of electrical goods, announced that it will invest ₹600 crore in Goldi Solar Pvt Ltd. The move is part of Havells’ broader plan to enter the clean energy space. With this investment, Havells will acquire a stake between 8.90% and 9.24% in Goldi Solar, depending on the final size of the latter’s current fundraise of ₹1,050–1,300 crore.
The funding round is expected to wrap up within 75 days. This is Havells’ biggest step so far into solar manufacturing and taps into Goldi’s fast-growing capacity, projected to reach 10.7 GW by March 2025 and add another 4 GW by July the same year. Goldi also plans to start local production of solar cells within a year and a half.
The deal values the company at 20 times its estimated FY25 earnings before interest, tax, depreciation, and amortization (EBITDA), and will give Havells a board seat and other standard shareholder privileges. The transaction still needs clearance from India’s competition regulator and other formalities.
Goldi Solar, founded by Ishverbhai Dholakiya, has grown from a small, family-run operation to a significant player in the solar panel market. The firm’s revenue jumped from ₹1,757 crore in FY24 to ₹3,420 crore in FY25, with margins between 8% and 9%.
Havells already offers products like solar inverters, panels, cables, and DC switchgear, and has a solid foothold in rooftop and commercial solar projects. Rather than building its own solar manufacturing unit, the company chose to team up with Goldi, ensuring stable access to modules as India ramps up support for homegrown solar manufacturing.
Havells India Limited is a leading Indian electrical equipment company specializing in a diverse range of products, including lighting, fans, switches, cables, home appliances, and industrial solutions. Founded in 1958 and headquartered in Noida, Uttar Pradesh, Havells is known for its innovative, energy-efficient, and high-quality offerings that cater to both residential and commercial markets.
The company has an extensive distribution network, backed by a robust presence in India and global markets. With a strong focus on technology and sustainability, Havells has established itself as a trusted brand in electrical and consumer goods. Its customer-centric approach, modern manufacturing facilities, and commitment to innovation have solidified its reputation as one of India’s most reliable and respected companies in the sector.
