Havells to Invest INR 600 Crore in Goldi Solar to Accelerate Growth in Solar Energy Sector
Havells India has signed a binding term sheet to invest INR 600 crore in solar module manufacturer Goldi Solar, acquiring up to a 9.24 percent stake as part of Goldi's planned INR 1,300 crore fundraise. It opted to partner with Goldi instead of setting up its own facility, choosing a de-risked approach to tap into growing domestic solar opportunities.
April 15, 2025. By Mrinmoy Dey
As part of the agreement, Havells will have 8.90-9.24 percent stake in Goldi depending on the size of the total primary round ranging between INR 1,050-1,300 crore. “Transaction is effectively valued at 20x EV to EBITDA multiple basis unaudited provisional EBITDA for FY25. Havells will have customary shareholders’ rights including board seat and investors reserve matters,” shared Havells in a statement. It further added that the transaction is subject to fulfilment of certain Conditions Precedent including approval from the Competition Commission of India (CCI).
Havells has been participating in the solar ecosystem through sales of inverters, solar cables and DC switchgear. Havells has stronger brand-led play in residential rooftop and commercial and industrial (C&I) segments. “The increasing domestic reliance on modules through policy measures required Havells to either establish its 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,” stated the company on the rationale behind the deal.
Goldi was incorporated in 2011 and has been active in solar module manufacturing for 14 years. The company has significantly expanded its module manufacturing capacity from 2.9 GW as of March 2024 to 10.7 GW as of March 2025. Further, Goldi plans to add another 4 GW by July 2025 and domestic cell manufacturing capacity over the next 18 months.
“On a consolidated basis, Goldi's revenue from operations in FY24 was INR 1,757 crore (Audited) and about INR 3,420 crore in FY25 (Unaudited) with a historical EBITDA margin of 8-9 percent. Substantial capacity addition is supported with a strong order book for H1 FY26 and a visible pipeline for H2 FY26,” noted the statement.
Renewable energy capacity is projected to grow at a CAGR of 16 percent till 2030, reaching approximately 500 GW, (64 percent of total energy capacity). Out of the 500 GW, about 300 GW is anticipated to come from solar energy sources. India's solar sector is at an inflexion point supported by various government initiatives and favourable unit economics across the value chain. Solar energy generation project represents a multi-billion-dollar opportunity over the next 5 years.
please contact: contact@energetica-india.net.
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