Electrical equipment manufacturer Havells has announced  it will invest ₹6 billion (~$69.9 million) for an equity stake of between 8.9% and 9.24% in solar component manufacturer Goldi Solar.

The investment will help Havells source solar modules and cells from Goldi Solar, Havells said in a BSE filing.

The transaction is expected to be completed by June 30, 2025. The transaction will have to be approved by the Competition Commission of India.

As part of the conditions precedent to the transaction, Havells plans to enter a master supply and service agreement with Goldi Solar.

Goldi has a module manufacturing capacity of 10.7 GW as of March 31, 2025.

Given the increasing requirement of India-made solar modules, Havells considered establishing its own manufacturing facility or strategically partnering with a module manufacturer. After evaluating the options, Havells said it favored a relatively de-risked approach of partnering with a large module manufacturer with planned backward integration in domestic cells.

Havells already has a presence in the solar ecosystem by selling modules, inverters, solar cables, and DC switchgear. As per its environment, social, and governance report 2023-2024, Havells plans to invest ₹1.77 billion (~$20.6 million) in solar power generation by 2025.

It is also targeting 100% implementation of solar energy at all of its new warehouses by 2025.

Havells has an installed solar power capacity of 11.26 MW. It is also planning to scale its solar power capacity to approximately 16 MW by installing a 4.6 MW solar power project at its Alwar facility.

The company sold 591.88 GJ of solar energy back to the grid using net metering. Havells sourced 6.17% of its energy needs from renewable sources.

Havells was among India’s top rooftop solar installers during the first half of the calendar year 2024, according to Mercom’s India Solar Market Leaderboard 1H 2024.

Havells India was the third leading rooftop solar installer, accounting for 5.2% of rooftop solar capacity additions in 1H 2024. As of June 2024, its cumulative installed rooftop solar capacity was 203 MW.