Indian fast moving electrical goods company Havells India has acquired 51 per cent stake in Bengaluru-based LED and solar lighting products maker Promptec Renewable Energy Solutions.
The Rs65-crore deal marks the debut of Havells India in the renewable energy market.
Promptec will retain the remaining 49 per cent stake in the company.
Anil Rai Gupta, the chairman and managing director of Havells India, said the acquisition would provide Havells the impetus it requires to grow in LED and solar solutions.
“We expect Promptec, which currently has a revenue of Rs35 crore, to grow multi-fold with its innovative lighting solutions and be a Rs250-crore business in the next three-four years,” he told Hindu Businessline.
Havells has plans to expand the share of LED lighting in its total lighting sales to more than 50 per cent, according to an official statement.
Kiran Moras, the director of Promptec believes the acquisition by Havells will boost the former’s goodwill and reach. “We continue to remain dedicated to this venture as in the past,” he added.
In recent times, Promptec has executed projects for the supply of solar cellphone stations to Africa markets through Digicell.
The company has also undertaken renewable energy projects for institutions such as Infosys, State Bank of India, Bharat Electronics Ltd and Bharat Heavy Electricals Ltd.
Ajith Kumar S