Havells hikes stake in Promptee Renewable Energy to 70%
14 Jun 2016
Electrical products maker Havells India Ltd has decided to raise its stake in Bangalore-based Promptec Renewable Energy Solutions Pvt Ltd to 70 per cent for an undisclosed amount, as per a stock market disclosure.
Havells currently owns a 51 per cent in the maker of light-emitting diodes (LED) and solar lighting products, the filing said.
Promptec was founded by Joshy P P, Kiran Moras and Nikhil Das in 1998. Besides LEDs, it makes street lights, solar lanterns, solar charge controllers and other products at a 30,000-square-feet manufacturing facility at Peenya, near Bangalore.
Havells had bought a 51 per cent stake in Promptec in April last year for about Rs65 crore. Promptec was previously backed by Blume Ventures, which had invested almost Rs2 crore in the company in 2011 to pick up a 19.9 per cent stake. It scored a multi-bagger exit when Havells bought into Promptec last year.
Meanwhile, Havells said in a separate filing it is launching a solar solutions business that will include solar power generating systems, home lighting kits, solar pumps and solar street lights.
''The products will be assembled/manufactured in Neemrana and will be rolled out pan India in phases starting from June 2016, catering to the domestic market,'' it added.
Havells India produces various consumer home appliances, lighting products, and electrical products such as switchgear and cables.