Havells Pumps Rs. 600 Cr Into Goldi Solar, Eyes Bigger Play In RE

Havells Invests Rs. 600 Cr In Goldi Solar To Expand Into RE Space

Havells India has signed a binding term sheet to invest Rs. 600 crore in Goldi Solar. The investment, approved by Havells’ Executive Committee, is part of Goldi’s proposed fundraising round of up to INR 1,300 crore, expected to close within the next 75 days.

In a regulatory filing, Havells said, “The binding term sheet provides for a primary investment of INR 600 crore. Havells will have an 8.90%–9.24% stake in Goldi, depending on the size of the total primary round ranging between INR 1,050–1,300 crore. The transaction is effectively valued at a 20x EV/EBITDA multiple based on unaudited provisional EBITDA for FY25.”

The company added, “Havells will have customary shareholder rights, including board seats and investor reserve matters. The transaction is subject to the fulfillment of certain conditions precedent, including approval from the Competition Commission of India (CCI).” The binding term sheet grants Havells customary shareholder rights, including a board seat and investor reserve matters. The deal is subject to regulatory approvals, including clearance from the Competition Commission of India.

Strategic rationale

Havells said the investment supports its strategy to expand into the renewable energy space, where it already supplies solar inverters, modules, solar cables, and DC switchgear. As policy support increases domestic reliance on solar modules, the company evaluated options to establish its own manufacturing or to partner with an established player.

Following a detailed assessment, Havells’ Executive Committee opted for a relatively de-risked strategy of partnering with a large solar module manufacturer that has planned backward integration into domestic solar cell production. The approach allows Havells to tap into growing demand through a consistent sourcing arrangement. The company said renewable energy is closely aligned with its core portfolio and that it is exploring opportunities across the energy value chain—including generation, storage, distribution, and consumption.

About Company

Havells, a player in India’s fast-moving electrical goods (FMEG) sector, will acquire a stake of between 8.90% and 9.24%, depending on the final size of the funding round, which is expected to range between INR 1,050 crore and INR 1,300 crore. The transaction is valued at a 20x enterprise value-to-EBITDA multiple, based on Goldi’s unaudited provisional EBITDA for FY25.