April 21, 2015: Keeping up to the renewable energy commitment, the Board of Havells India Limited has approved the acquisition of majority stake of 51 per cent in Promptec Renewable Energy Solutions Rs 650 million. Promptec Renewable Energy Solutions is one of the leading manufacturers of light emitting diodes (LED) and solar lighting products. With this acquisition, Havells would expand its footprints into two high growth lighting verticals of LED and Solar energy.
A Bengaluru-based company, Promptec Renewable Energy Solutions is engaged in manufacturing of LEDs and solar lighting products. In 2008, the company was promoted by a team of technology and skill-oriented group in order to cater to lighting solutions.
Anil Rai Gupta, Chairman and Managing Director, Havells India Limited said, “Promptec is an ideal fit for Havells and the acquisition is expected to provide substantial impetus to Havells’ growth plans in the high potential segments of LED and Solar Solutions. Havells is constantly looking to add fresh products in its portfolio as part of its endeavor to serve its existing and additional customers & channels. The alliance also marks the entry of Havells into the promising field of solar energy that could further be expanded, considering the number of renewable energy initiatives of the Government”, reported IndianInfoline.
“We expect Promptec, which currently has revenues of Rs 350 million to grow multifold with its innovative lighting solutions and be a Rs 2.5 billion business in next 3″4 years”, he further added, as quoted by the website.