June 16, 2016: Following the acquisition of 51% stake in Promptec Renewable Energy Solutions for Rs 65 crore, Havells India has ramped up its stake in Promptec for an unrevealed amount. Havells has confirmed that it has signed a tripartite contract with its subsidiary Promptec, thus indicating the entry of Havells into the field of solar energy.
Following the acquisition, the promoter-side of Promptec will go on to hold a 49% stake in the company. According to the contract, Havells India will be acquiring e a 70% stake in Promptec and the shareholders of Promptec.
At present, Havells owns 51% stake in the paid-up share capital of Promptec which is a Bangalore based company involved in the manufacturing and marketing of solar and LED lighting products. It provides power electronics solutions as well.
Havells buys 51% stake in Promptec, enters solar energy market
Promptec has an R&D centre for the development and customization of LED lighting products depending upon the specific needs of the customers. It has supplied more 60,000 LED street lights since the past three years in domestic as well as international markets.
Promptec owns another 30,000 sq ft electronics manufacturing division in Bangalore. The firm has served about 300 villages with solar LED street lights.
Solar solutions for domestic market
In a recent report, Havells India said that the company is planning to roll out solar solutions for the local market. The company will be launching solar products across the nation and the products will include solar power generating systems, solar pumps, solar street lights and home lighting kits etc.
Havells India is all set to manufacture and accumulate such solar products at its Neemrana division. Havells said that the manufacturing of the products will begin in several phases from June 2016 itself.