Havells India to buy 51% stake in Promptec Renewable for Rs65 crore
Acquisition of Promtec would help Havells expand its footprint into LED and mark its entry into solar energy segment
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Mumbai: Electrical equipment maker Havells India Ltd on Monday said it will acquire a majority stake of 51% in Bangalore-based Promptec Renewable Energy Solutions Pvt Ltd for Rs.65 crore.
In a filing to the BSE, the company said the acquisition of Promptec, which manufactures LED and solar lighting products, would help expand its footprint into LED and mark its entry into the solar energy segment.
After the acquisition, the promoter group of Promptec would hold a 49% stake in the company, Havells India said in a statement.
“We expect Promptec, which currently has revenues of Rs. 35 crore, to grow multifold with its innovative lighting solutions and be a Rs.259 crore business in the next 3-4 years,” Anil Rai Gupta, chairman and managing director, Havells India, said.
In the past, Promptec has partnered with leading companies like Tata Power Solar and Havells to provide solar and LED products, leveraging its technology, rapid turnaround and short development cycles. The solar products include solar lanterns, solar charging stations, and solar street lights used in rural and export markets.
“We believe that this partnership is a huge boost for Promptec as we get substantial reach through Havells brand and distribution platform,” said Kiran Moras, director, Promptec Renewable Energy Solutions.
Shares of Havells India closed at Rs.291.15, up by 1.84% from the previous close at Rs.285.9.