Havells Approves ₹600 Crore Investment for ~9% Stake in Goldi Solar

Havells India Limited, announced an investment of INR 600 crore in Goldi Solar Private Limited. The investment, part of Goldi’s proposed fundraise of up to ₹1,300 crore, will result in Havells acquiring an approximately 8.90%–9.24% equity stake, depending on the final round size. The transaction is expected to close within 75 days.

India’s renewable energy capacity is forecasted to grow at a 16% CAGR, aiming for 500GW by 2030, with solar contributing around 300GW. Havells has entered the solar space through products like inverters, modules, cables, and DC switchgears, especially in residential and commercial segments.

Goldi has capacity rising from 2.9GW (Mar 2024) to 10.7GW (Mar 2025) and 4GW more planned by July 2025. It has reported ₹1,757 crore revenue in FY-24 (audited) and ~₹3,420 crore in FY-25 (unaudited), with an 8–9% historical EBITDA margin.

As part of this partnership, Havells aims towards establishing a supply chain and reinforce their presence across the solar ecosystem (from energy generation to distribution) while leveraging Goldi’s module manufacturing capabilities.

Also read: India reaches 100 GW solar power capacity