Havells India has said that it will increase its stake in Bengaluru based Promptec Renewable Energy Solutions up to 70 per cent for an undisclosed sum.
“A tripartite agreement has been signed among the company viz. Havells India, Promptec Renewable Energy Solutions, a subsidiary where the company holds 51 per cent stake and the shareholders of Promptec, whereby the company has agreed to acquire up to 70 per cent stake in the paid-up share capital of Promptec,” Havells India said in a Bombay Stock Exchange (BSE) filing.
Promptec is associated with marketing and manufacturing of LED products including street, office and solar lighting.
Meanwhile, Havells India has recently announced that they will be launching solar solutions including solar power generating systems, home lighting kits, solar pumps, solar street lights etc. What is even more interesting is that all these products will be assembled/ manufactured in Neemrana and will be rolled out pan India in phases starting from June 2016, catering to the domestic market.
Within two days Havells has come up with two major announcements and this goes to show that the company wants to fully leverage the growth that the country is witnessing in the LED and renewable energy sectors.
By Atanu Kumar Das
