Havells India Limited has acquired a 26 per cent stake in Kundan Solar (Pali) Private Limited, the special purpose vehicle (SPV) of Kundan Green Energy Private Limited. The SPV was formed for the development of a 15 MWac solar project in Rajasthan. Under this, the company will invest around Rs 0.05 billion in tranches through an all-cash transaction. Each tranche will be tied to clearly defined project milestones. The entire transaction is expected to be completed by the end of June 2026.
Furthermore, with the acquisition of a 26 per cent stake in the SPV, Havells India will qualify as a captive consumer under Indian electricity regulations. This will enable the company to source solar energy from the Rajasthan-based solar plant at a reduced cost. Additionally, it expects a payback period of 12 to 18 months from the project once it becomes operational.
Earlier in April 2025, Havells India Limited signed a binding term sheet to invest Rs 6 billion in Goldi Solar Private Limited.
