JSA advises Havells on ₹600 crore investment in Goldi Solar

JSA Advocates & Solicitors advised Havells India Limited in connection with its proposed strategic minority investment of ₹600 crore (~USD 72 million) in Goldi Solar Private Limited, as part of Goldi’s ₹1,300 crore (~USD 156 million) fundraise to support its ongoing capacity expansion and backward integration initiatives.

The JSA team was led by Siddharth Mody (Partner), with support from the following teams:

Transaction Team (Private Equity): Anurag Shrivastav (Partner), Tanmayee Sahoo (Senior Associate), Vidushi Jain (Associate), Gavin Pereira (Associate)

Diligence Team: Mody, Shrivastav, Sahoo, Jain, Pereira, Ayush Chaturvedi (Associate), Regan D’Mello (Associate), Prakhar Jain (Junior Associate)

Competition Team: Vaibhav Choukse (Partner), Ela Bali (Partner), Aditi Khanna (Senior Associate), Faiz Siddiqui (Senior Associate), Arundhati Rajput (Associate)

As part of the investment, Havells will acquire an 8.90% to 9.24% stake in Goldi Solar, subject to the final round size. The transaction also provides Havells with a board seat and customary investor rights in the company.

The deal marks a notable regulatory milestone as the Competition Commission of India (CCI) assessed the solar modules and solar cell markets for the first time, reflecting the growing significance of the renewable energy sector. The CCI granted its approval on June 10, 2025, within 42 calendar days.

Havells India Limited is a leading FMEG company, manufacturing a wide range of electrical products for residential, commercial, and industrial use. Key brands include Havells, Havells Studio, Lloyd, Havells Crabtree, Standard Electricals and REO.

The investment is part of Goldi’s broader ₹1,300 crore fundraising to expand its module capacity and integrate solar cell manufacturing. With this deal, Havells aims to secure a long-term supply of solar modules and cells through a proposed master supply and service agreement, aligning with its growing energy solutions portfolio that already includes solar inverters, cables, and switchgear.

Goldi Solar currently operates 10.7 GW of module manufacturing capacity and plans to add another 4 GW by July 2025, while also setting up a solar cell production unit within the next 18 months. The transaction, which is subject to CCI approval, is seen as a strategic move for Havells to deepen its presence in the solar value chain amid India’s push for domestic renewable manufacturing. The deal values Goldi at a ~20x EV/EBITDA multiple and is expected to support both companies' growth ambitions in the clean energy sector.

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