On Monday the leading electrical goods maker Havells India said that it will acquire 51% stake in Promtec Renewable Energy Solutions for about Rs 33 crore for entering into the solar energy and LED street lighting segment.
“The Board of Havells India Limited today approved the acquisition of majority stake of 51 percent in Promptec Renewable Energy Solutions at an enterprise value of Rs 65 crore,” the company said.
In a statement the company said that the acquisition will allow it to enter the solar energy sector and expand its base further into LED segment.
Further it would also provide Havells a manufacturing base in the Southern region where the company needs to expand its footprint. “We would invest around Rs 12 crore to upgrade Promptec’s manufacturing unit at Bangalore.