Havells India on Monday announced a strategic investment of ₹600 crore in Surat-based Goldi Solar Private Limited, aiming to secure consistent access to critical solar components including modules and cells. The decision was approved by the Executive Committee of the Board during its meeting held on April 14, 2025, and disclosed to the stock exchanges post-market hours.
Goldi Solar, a key player in the solar manufacturing sector, reported audited revenue of ₹1,757 crore in FY24 and is expected to clock approximately ₹3,420 crore in FY25. The company currently operates with a module manufacturing capacity of 10.7 GW and generates its entire revenue from India.
Havells, which already has a presence in the solar ecosystem through the sale of modules, inverters, solar cables, and DC switchgears, said this minority stake acquisition would support its backward integration strategy. As part of the transaction, Havells plans to enter into a master supply and service agreement with Goldi for uninterrupted supply of solar modules and cells.
The investment will be made entirely in cash and is expected to be completed by June 30, 2025, subject to necessary regulatory approvals, including from the Competition Commission of India (CCI). Upon completion, Havells is expected to hold between 8.9% and 9.24% equity in Goldi Solar, depending on the total fundraise by the latter (₹1,050–₹1,300 crore).
The company clarified that the deal does not fall under related party transactions and that the promoters have no direct or indirect interest in Goldi Solar.
