Securing up to 9.24 per cent stake, Havells to invest ₹6 billion in Goldi Solar to expand its presence in India’s fast-growing solar energy manufacturing sector.
Havells India Ltd has signed a binding term sheet to invest ₹6 billion in Goldi Solar Pvt Ltd, as part of the latter’s planned fundraise of up to ₹13 billion. The deal, expected to close within 75 days, will give Havells a stake of between 8.9 per cent and 9.24 per cent, depending on the final investment size.
The investment aims to enhance Havells’ position in India’s renewable energy sector. The company plans to broaden its involvement in energy generation, storage, and distribution, viewing energy transition closely aligned with its current operations.
India’s renewable energy capacity is projected to grow at a compound annual growth rate (CAGR) of 16 per cent through 2030, reaching about 500GW—of which 300GW is expected from solar.
Havells already offers solar-related products such as inverters, cables, and DC switchgear, with a strong presence in residential and commercial rooftop segments. As India pushes for increased domestic module production, Havells opted for a partnership over setting up its own manufacturing, citing a lower-risk model.
Goldi Solar, founded in 2011, is a solar module manufacturer with links to the diamond industry through its promoter, Ishverbhai Dholakiya. The company expanded its capacity from 2.9GW in March 2024 to 10.7GW by March 2025 and plans to reach 14.7GW by July 2025.
Goldi is also adding domestic solar cell production over the next 18 months. Its FY25 revenue is estimated at ₹34.2 billion, with EBITDA margins of 8–9 per cent.
The investment values Goldi at 20 times its FY25 estimated EBITDA. Havells will receive a board seat and standard shareholder rights. The deal remains subject to regulatory approvals, including clearance from the Competition Commission of India.
