Havells Invests ₹600 Cr in Goldi Solar for Strategic Renewable Expansion

Published • 15 April 2025 at 7:22 AM

Havells invests ₹600 crore for minority stake in Goldi Solar to expand solar footprint — Havells partners with Goldi Solar in ₹600 crore deal to boost renewable energy strategy

CNBCTV 18

Havells India Ltd has announced a ₹600 crore strategic minority investment in Goldi Solar Pvt Ltd, marking its largest foray into the renewable energy sector. The deal will secure Havells an 8.90% to 9.24% stake in Goldi, depending on the final outcome of Goldi's ongoing ₹1,050–1,300 crore fundraise, expected to conclude in 75 days. Goldi Solar, led by Ishverbhai Dholakiya, is rapidly expanding with a current manufacturing capacity of 10.7 GW and an additional 4 GW expected by July 2025. The company also plans to launch domestic solar cell manufacturing within 18 months. The investment is valued at a 20x EV/EBITDA multiple, based on Goldi’s FY25 provisional unaudited EBITDA. Through this partnership, Havells gains key shareholder rights, including a board seat, subject to CCI and other approvals. Goldi’s revenue has surged from ₹1,757 crore in FY24 to an expected ₹3,420 crore in FY25, with healthy EBITDA margins of 8–9%. Already active in rooftop and commercial & industrial (C&I) solar segments, Havells sees this alliance as a strategic, de-risked entry into manufacturing—opting to partner with a scaling domestic player rather than build its own plant, ensuring steady module supply amid India’s push for solar self-reliance.

Key Highlights

Havells India Ltd to invest ₹600 crore in Goldi Solar Pvt Ltd.
The investment secures 8.90% to 9.24% stake in Goldi Solar.
Goldi's ongoing fundraise totals ₹1,050–1,300 crore, set to conclude in 75 days.
This is Havells’ largest move into the renewable energy sector.
Goldi Solar, led by Ishverbhai Dholakiya, has a 10.7 GW capacity, adding 4 GW by July 2025.
Plans to begin domestic solar cell manufacturing within 18 months.
The deal is valued at a 20x EV/EBITDA multiple (FY25 provisional unaudited EBITDA).
Havells gains shareholder rights and a board seat, subject to CCI approval.
Goldi’s revenue expected to jump from ₹1,757 crore (FY24) to ₹3,420 crore (FY25) with 8–9% EBITDA margins.
Havells chooses a strategic partnership over building its own plant—ensuring steady module supply.
The alliance supports India’s solar self-reliance goals and strengthens Havells’ presence in rooftop and C&I solar segments.