By BizLED Bureau
April 21, 2015: Electrical consumer products manufacturer, Havells India Ltd, is set to acquire 51% stake in Promptec Renewable Energy Solutions, an LED and solar lighting products manufacturer. The deal was made at Rs 650 million ($10.3 million).
The agreement is a combination of primary and secondary deals in which existing investors like Blume Ventures and other angel investors will exit. In 2011, Blume Ventures invested about Rs 20 million for 19.9% stake in the Promptec.
This acquisition will help Havells to penetrate more in the LED lighting business, which, in turn, will help it to expand its market share in LED lighting to over 50% of its total lighting sales. After Havells acquired Sylvania a few years back, it acquired its global lighting products business as well.
Kiran Moras and Nikhil Das founded Bangalore-based Promptec. It makes LED lighting products, and has 30,000 sq ft LED light and electronics manufacturing facility in Bangalore.
In 2014, Promptec made revenue of Rs 350 million, and in the next 3-4 years, it hopes to touch Rs 2500 million.
Havells India, on the other hand, produces various consumer home appliances besides lighting products. Havells has a market cap of over $2.5 billion.
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