Havells invests Rs. 600 Cr in Goldi Solar
Havells India Limited, a leading player in the fast-moving electrical goods (FMEG) sector, has signed a binding term sheet to invest Rs. 600 crore in Goldi Solar Private Limited.
According to a stock exchange filing on Monday (April 14), the primary investment will secure Havells a stake ranging between 8.9% and 9.24% in Goldi Solar. The final shareholding will depend on the total size of Goldi’s ongoing primary fundraising round, estimated between Rs. 1,050 crore and Rs. 1,300 crore, which is expected to conclude within 75 days.
“Havells has been participating in the solar eco-system through sales of inverters, modules, solar cables and DC switchgears. Havells has stronger brand led play in residential rooftop and commercial and industrial (C&I) segment. The increasing domestic reliance on modules through policy measures required Havells to either establish own manufacturing or strategically partner with module manufacturer(s). Post detailed evaluation of multiple considerations, the Executive Committee of the Board 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,” the statement adds.
Goldi, the family-owned entity of Ishverbhai Dholakiya, has been active in solar module manufacturing for over 14 years. The company has significantly ramped up its production capacity—from 2.9 GW as of March 2024 to 10.7 GW by March 2025. Goldi further plans to add 4 GW of capacity by July 2025.
On a consolidated basis, Goldi Solar reported audited revenue of Rs. 1,757 crore for FY24 and unaudited revenue of around Rs. 3,420 crore for FY25, maintaining a historical EBITDA margin of 8–9%.
