Havells India Ltd, a fast moving electrical goods company, has announced signing of binding term sheet to invest INR 600 crore in Surat-based PV module manufacturer Goldi Solar (Goldi).
Goldi, incorporated in 2011, has a solar module manufacturing capacity of 10.7 GW as on March 31, 2025. It plans to add another 4 GW module capacity by July 2025 and domestic cell manufacturing capacity over next 18 months.
Havells already has presence in the solar ecosystem through sale of modules, inverters, solar cables and DC switchgears. Specifically, the company has a strong presence in residential rooftop and commercial and industrial (C&I) segment. The increasing reliance on domestically manufactured modules due to government policy measures required Havells to either establish own manufacturing or strategically partner with module manufacturers. Its strategic minority investment in Goldi Solar is to ensure consistent supply of solar modules and cells.
“Post detailed evaluation of multiple considerations, the company favoured a relatively de-risked approach of partnering with a large module manufacturer (with planned backward integration in domestic cells) to participate in the large opportunity set through consistent sourcing arrangement,” stated the company.
Havells’ investment is part of proposed fund raise by Goldi of up to INR 1,300 crore, which is expected to be completed within next 75 days. As part of conditions precedent to the transaction with Goldi Solar, Havells plans to enter into a master supply and service agreement with Goldi for consistent supply of solar modules and cells.
“India’s solar sector is at an inflection point supported by various government initiatives and favourable unit economics across value chain. Solar energy generation project represents multi-billion-dollar opportunity over next five years. Renewable energy capacity is projected to grow at a CAGR of 16% till 2030, reaching around 500GW, (64% of total energy capacity). Out of the 500GW, 300 GW is anticipated to come from solar energy sources,” stated Havells. “Havells has been evaluating multiple possible ways to participate in this mega trend through solutions for energy generation, storage, distribution and consumption etc.”
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